Oil Tops $110 as Russia Struggles to Maintain Energy Sales

Benchmark global oil prices surged above $110 a barrel, hitting a multiyear high, as concern mounted that Russia’s growing economic isolation and Western sanctions threatened to disrupt global energy supplies. On Tuesday, seven Russian banks were removed from the Swift inter-bank trading system, but access was left open to others to keep the path open for energy payments. Even so, some refiners are balking at buying Russian oil and banks are refusing to finance shipments of Russian commodities.

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