Oil Hits 11-Year High As Big Oil Dumps Russia, White House Mulls Energy Sanctions

The price of crude oil touched its highest level in nearly 11 years on Wednesday amid the ongoing Ukraine crisis which has roiled energy markets.

The WTI index, the U.S. benchmark index, surged to $112.09 per barrel, its highest level since May 2011, early Wednesday before receding near $108 per barrel, marketplace data showed. The global Brent crude benchmark approached $114 per barrel then dropped below $111 a barrel.

Both indices soared past the $100 per barrel mark last week for the first time in years after Russia unleashed a military assault on Ukraine. Russia is a major global supplier of crude oil, exporting roughly 65% of the 10.5 million barrels of crude oil per day it drilled in 2020.

Russia sent more than 670,000 barrels of oil per day to the U.S. in 2021, second only to Canada.

In response to Russia’s invasion of Ukraine, several Big Oil companies — including, BP, Shell and ExxonMobil — announced their intention to exit from all business ventures in the country. The decision to pull out of Russia amounts to billions of dollars in investment being removed from the industry.