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Brent crude or London crude soared again on March 3, touching $120 a barrel, the highest in nine years, according to a Reuters report.
US WTI Futures crude soared to $115.64 a barrel, its highest since September 2008.
The rise in oil prices is due to investors' worry of stagflationary shock, primarily triggered by the ongoing Russian invasion of Ukraine.
OPEC's decision to decline increased oil production for narrowing supply slump is another factor that plays a crucial role behind this surge.
Renewed oil surge rattles markets as Ukraine conflict intensifies | Reuters