Brent Hits $90 For First Time Since 2014 on Supply Jitters

Brent oil surged above $90 for the first time in seven years as investor appetite for risk assets returned and the market fretted over Russia-Ukraine tensions.

Futures in New York rose as much as 2.6% with the global benchmark surpassing $90 a barrel on Wednesday. Inventories at the largest U.S. oil hub fell 1.8 million barrels for the third week in a row while total domestic stockpiles rose modestly. The oil market’s structure has surged in recent days, signaling tight supply.