# Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine

> Oil rose to its highest level since 2011 on Wednesday as Russia's war in Ukraine escalated. OPEC and its allies, including Russia, chose to keep production unchanged despite prices above $100. Brent traded above $113 and WTI above $112 intraday before both settled higher.

- Date: 2022-03-02 · published 2022-03-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/42432-oil-jumps-to-highest-since-2011-as-opec-holds-output-steady-despite-russia-s
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

OPEC's decision to hold output while buyers shun Russian crude leaves the market short of supply, which keeps energy and freight costs elevated for feed producers. Higher crude also supports vegetable oil and biofuel prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-05-09 | [Oil jumps to highest since 2014 after US quits Iran deal](https://feedsoft.ai/events/65180-oil-jumps-to-highest-since-2014-after-us-quits-iran-deal.md) | +5.6% | -0.3% |
| BRENT | 2022-03-01 | [Euro falls to lowest since June 2020 as Russia's invasion of Ukraine picks up](https://feedsoft.ai/events/8259-euro-falls-to-lowest-since-june-2020-as-russia-s-invasion-of-ukraine-picks-up.md) | +23.6% | +11.2% |
| BRENT | 2019-01-01 | [Oil Jumps Most Since June on Saudi-Russian Pact, Trade War Truce](https://feedsoft.ai/events/61727-oil-jumps-most-since-june-on-saudi-russian-pact-trade-war-truce.md) | +10.8% | +17.2% |
| BRENT | 2026-03-08 | [Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt \| Reuters](https://feedsoft.ai/events/5227-oil-jumps-to-2022-high-on-iran-war-falls-after-close-as-russia-sanctions-in.md) | +9.5% | +25.6% |
| BRENT | 2026-09-07 | [Opec+ holds oil output steady as prices continue to rise amid Middle East escalation \| Upstream](https://feedsoft.ai/events/17384-opec-holds-oil-output-steady-as-prices-continue-to-rise-amid-middle-east.md) | +12.0% | +18.6% |
| WTI | 2018-05-09 | [Oil jumps to highest since 2014 after US quits Iran deal](https://feedsoft.ai/events/65180-oil-jumps-to-highest-since-2014-after-us-quits-iran-deal.md) | +3.5% | -6.0% |
| WTI | 2019-01-01 | [Oil Jumps Most Since June on Saudi-Russian Pact, Trade War Truce](https://feedsoft.ai/events/61727-oil-jumps-most-since-june-on-saudi-russian-pact-trade-war-truce.md) | +9.7% | +17.5% |
| WTI | 2026-03-08 | [Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt \| Reuters](https://feedsoft.ai/events/5227-oil-jumps-to-2022-high-on-iran-war-falls-after-close-as-russia-sanctions-in.md) | +8.5% | +25.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/03/02/us-oil-jumps-to-highest-since-2013-tops-109-a-barrel.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.