Oil rises to $ 110 a barrel despite emergency measures due to Ukraine conflict

Oil prices have surged despite new measures aimed at calming markets worried by the invasion of Ukraine.

Brent crude - the international benchmark for oil prices - has hit $110 a barrel, marking the highest level seen in more than seven years. It rose even after the International Energy Agency’s members agreed to release 60 million barrels of oil from emergency stockpiles.

Another statement by the IEA noted that the invasion of Ukraine came against a “backdrop of already tight global oil markets, heightened price volatility, commercial inventories that are at their lowest level since 2014”.