Brent, WTI Prices Surpass $110

Oil prices surged on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market.
Brent crude futures rose by as much as $8 and touched as high as $113.02 a barrel, the highest since June 2014, before easing to $111.75, Reuters reported.
WTI crude futures were up $7.24, or 7%, to $110.67 a barrel, after earlier hitting the highest since August 2013.
The backwardation in the Brent futures contract, when prompt prices exceed later dated supply, surged to the highest ever according to data going back to 2004. The premium of the first-month Brent future to the sixth-month contract rose to as much as $18.55 a barrel.
"Trade disruptions are starting to get people's attention," said Westpac economist Justin Smirk.
"Issues around trade finance and insurance - that's all impacting exports from the Black Sea. The supply shocks are unfolding," he said.
Russian oil exports account for around 8% of global supply.
Exxon Mobil on Tuesday said it would exit Russia oil and gas operations as a result of Moscow's invasion of Ukraine. The decision will see the firm pull out of managing large production facilities on Sakhalin Island in Russia's Far East.