Oil Spikes To $112 As Russian Crude Becomes Toxic

Oil prices shot up to over $112 per barrel early on Wednesday, rallying by 10 percent so far this week, as most of the Russian seaborne crude oil exports have become untouchable for buyers after sanctions against Russia for invading Ukraine. As of 9:13 a.m. ET on Wednesday, just as OPEC+ finished their regular monthly meeting, WTI Crude was soaring by 7.02% to $110.67 and Brent Crude had surged by 6.94% at $112.25. Despite the fact that the sanctions against Russia carve out energy and energy payments out of the SWIFT restrictions and bans, Russian…