# Oil price rises again as buyers shun Russian crude

> Brent crude passed $113 a barrel on March 2, 2022, its highest level since June 2014, as traders bought non-Russian crude. Buyers avoided Russian oil over sanctions and payment and shipping difficulties, and Trafigura could not sell a Russian cargo even at a record $18.60 discount to Brent. Gas prices in the UK also roughly doubled.

- Date: 2022-03-02 · published 2022-03-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/9459-oil-price-rises-again-as-buyers-shun-russian-crude
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Loss of Russian barrels from the market, roughly 8% of global supply, tightens crude and diesel availability and raises transport and feed production costs. The sanctions-driven discount on Russian crude shows the disruption is in trade flows, not just volumes.

## Read by commodity

- BRENT: bullish ▲
- DIESEL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-02 | 1 | +7.4% | 3.6 | Brent passed $113 on March 2 as buyers shunned Russian crude and shifted to non-Russian barrels, a trade-flow and supply shock. |
| BRENT | 2022-03-07 | 5 | +23.6% | 5.8 | Buyers shunned Russian crude and shifted to non-Russian barrels, lifting Brent above $113 on March 2. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-03-21 | [Oil prices jump again as EU considers Russian oil ban \| Reuters](https://feedsoft.ai/events/8483-oil-prices-jump-again-as-eu-considers-russian-oil-ban-reuters.md) | +9.5% | +0.8% |
| BRENT | 2022-12-23 | [Oil rises $3/bbl after Russia signals output cut due to price cap](https://feedsoft.ai/events/38393-oil-rises-3-bbl-after-russia-signals-output-cut-due-to-price-cap.md) | +5.1% | +9.5% |
| BRENT | 2022-03-21 | [Crude jumps more than 7% as EU mulls Russian oil ban](https://feedsoft.ai/events/9149-crude-jumps-more-than-7-as-eu-mulls-russian-oil-ban.md) | +9.5% | +0.8% |
| BRENT | 2024-08-26 | [Palm and soybean oil prices rise in response to recovery in crude oil prices](https://feedsoft.ai/events/28878-palm-and-soybean-oil-prices-rise-in-response-to-recovery-in-crude-oil-prices.md) | -0.2% | -5.6% |
| BRENT | 2024-10-03 | [Crude oil prices today: WTI rises as Biden comments on Middle East risk](https://feedsoft.ai/events/10027-crude-oil-prices-today-wti-rises-as-biden-comments-on-middle-east-risk.md) | +3.3% | -2.0% |
| DIESEL | 2025-01-10 | [Oil prices rally 3% as US hits Russian oil with tougher sanctions](https://feedsoft.ai/events/10352-oil-prices-rally-3-as-us-hits-russian-oil-with-tougher-sanctions.md) | +10.5% | +4.1% |
| DIESEL | 2025-09-24 | [Diesel Traders Bet on Price Spike as Russia Refineries Hit - TT](https://feedsoft.ai/events/23065-diesel-traders-bet-on-price-spike-as-russia-refineries-hit-tt.md) | -0.1% | -5.3% |
| DIESEL | 2026-10-01 | [Oil prices rise $3 as China suspends fuel exports](https://feedsoft.ai/events/9318-oil-prices-rise-3-as-china-suspends-fuel-exports.md) | -3.7% | -4.8% |

## Sources

- bbc.com: https://www.bbc.com/news/business-60584798

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