Oil rose 5% on intensified EU-Russia energy splash

International benchmarks for crude oil surged about 5% on Wednesday, 11 May 2022 after Russia sanctions several European gas companies, adding more uncertainty to the global energy market. Over the past weeks, the flows of Russian gas to the EU have also fallen visibly. The EU-Russia energy quarrel undermined the latest report on the 8.5 million barrels increased in the US commercial crude stocks. 

Brent jumped $5.05 or 4.9% to settle at $107.51/barrel.

WTI climbed $5.95 or 6% to close at $105.71/barrel.