Oil rises on Russian supply concerns

Oil surged on Thursday during a volatile US trading session while investors’ focus shifts to accelerating concerns related to Russian oil supply and as the BoE’s interest rate hike that came less than expected.

Brent crude futures are trading at $89.59 at the time of writing, namely crude price has gained about 0.70 cents, or 0.77% versus Wednesday’s closing price at $88.88 per barrel, but sliding from the $90.58 recorded by 12:17 p.m. EDT (1617 GMT), after rising by more than $2 earlier in the session.

US West Texas Intermediate crude is up 49 cents, or 0.57%, at $83.52, after rising by more than $3 earlier in the session versus Wednesday’s closing price at $83 per barrel.

Russia pushed ahead with its biggest conscription since World War II, accelerating concerns about the war in Ukraine that could further impact oil supply.