Oil prices reach highest levels in more than a decade as Russian aggression intensifies

As markets opened Wednesday morning, U.S. oil prices reached highs not seen in more than a decade.

Futures for the international benchmark Brent crude listed prices as more than $113.58 a barrel, CNBC said.

The Washington Examiner reported that futures for the U.S. benchmark West Texas Intermediate increased by 8% trading at $112 per barrel.

This is the highest that oil has traded since 2011.

The increase in oil costs come after the Organization of the Petroleum Exporting Countries and its oil-producing allies agreed to hold production rates steady.

OPEC and its allies will increase output in April by 400,000 barrels per day as Russia’s ongoing aggression in Ukraine causes supply shortage fears.- READ MORE