# Oil surges to multi-year highs as Russian supply shortfall looms

> Oil prices surged to multi-year highs as markets priced in a looming shortfall of Russian supply. Governments were reported to be resisting measures that would push up energy bills.

- Date: 2022-03-04 · published 2022-03-04T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A expected loss of Russian barrels raises crude and energy costs, which feeds into fuel, fertilizer and freight costs for feed makers. Higher energy prices also tend to support grain and oilseed values through biofuel demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-04 | 1 | +7.1% | 3.1 | Same-day report of oil hitting multi-year highs as markets priced in a looming Russian supply shortfall and governments resisted measures that raise energy costs. |
| BRENT | 2022-03-04 | 5 | +25.7% | 5.2 | Oil hit multi-year highs on March 4 as markets priced in a looming Russian supply shortfall. |
| BRENT | 2022-03-07 | 5 | +23.6% | 5.8 | Oil hit multi-year highs as markets priced in a looming Russian supply shortfall. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-03-19 | [Oil rises to multi-month highs on Russian supply concerns](https://feedsoft.ai/events/31370-oil-rises-to-multi-month-highs-on-russian-supply-concerns.md) | -0.2% | +4.6% |
| BRENT | 2018-06-29 | [Oil hits new multi-year high as market tightens on lost supply](https://feedsoft.ai/events/8782-oil-hits-new-multi-year-high-as-market-tightens-on-lost-supply.md) | +0.2% | -3.3% |
| BRENT | 2016-12-12 | [Oil surges to 1 1/2-year high, Fed rate increase looms](https://feedsoft.ai/events/73621-oil-surges-to-1-1-2-year-high-fed-rate-increase-looms.md) | +2.7% | +0.3% |
| BRENT | 2022-03-17 | [Oil surges 8% amid warnings of Russian supply shortages \| Reuters](https://feedsoft.ai/events/8482-oil-surges-8-amid-warnings-of-russian-supply-shortages-reuters.md) | +23.0% | +7.3% |
| BRENT | 2022-01-19 | [Oil rises to 7-year high as Turkey outage adds to tight supply outlook](https://feedsoft.ai/events/43294-oil-rises-to-7-year-high-as-turkey-outage-adds-to-tight-supply-outlook.md) | +0.8% | +8.7% |
| WTI | 2024-03-19 | [Oil rises to multi-month highs on Russian supply concerns](https://feedsoft.ai/events/31370-oil-rises-to-multi-month-highs-on-russian-supply-concerns.md) | -1.3% | +3.1% |
| WTI | 2018-06-29 | [Oil hits new multi-year high as market tightens on lost supply](https://feedsoft.ai/events/8782-oil-hits-new-multi-year-high-as-market-tightens-on-lost-supply.md) | +0.5% | -6.5% |
| WTI | 2016-12-12 | [Oil surges to 1 1/2-year high, Fed rate increase looms](https://feedsoft.ai/events/73621-oil-surges-to-1-1-2-year-high-fed-rate-increase-looms.md) | +0.8% | -1.3% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-rebounds-escalating-ukraine-conflict-raises-supply-concerns-2022-03-04/

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