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.
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Over 2,000 Ukrainian civilians have been killed since Russia first invaded the country on Feb. 25, Ukraine’s State Emergency Service said Wednesday, CNN reported.
“More than 2,000 Ukrainians died, not counting our defenders,” the service said in a statement, CNN reported. “Children, women and our defense forces are losing their lives every hour.”
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President Joe Biden will join other Western nations in releasing a total of 60 million barrels of crude oil amid the Ukraine crisis, the coalition announced Tuesday.
Overall, 31 member nations of the International Energy Agency (IEA), including the U.S., agreed to coordinate the release, according to the Paris-based group. The decision was made in light of Russia’s invasion of Ukraine and its subsequent effects on global energy security.
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