Crude oil futures surged up to 26.32 percent on a week-on-week (WoW) basis, raising the prices to levels not seen during more than a decade. Brent, the international benchmark for two-thirds of the world’s oil, and West Texas Intermediate (WTI), the main oil benchmark for North America, edged higher by $20.18 (+20.61 percent) to $118.11 from $97.93 and $24.10 (+26.32 percent) to $115.68 from $91.58, respectively, on WoW basis. The price for Opec Basket surged to $117.96 from $101.22 on a week-on-week basis, showing an increase of $16.74 (+16.54 percent). Similarly, Arab Light price went up by $9.69 (+9.93 percent) to $107.30 from $97.61 a barrel and the price of Russian Sokol slipped by $0.64 (-0.64 percent) to $98.67 from $99.31on WoW basis. Both global benchmarks – Brent and West Texas Intermediate (WTI) – have recorded an increase in 10 out of the last 11 weeks. Other major oil benchmarks of Opec+, including Opec Basket and Arab Light, are keeping the bullish bias intact and closed the 11th straight week on a positive note. However, Russian Sokol has faced a minor dip after surging for 10 consecutive weeks. Oil futures continued rallying last week, with US prices settling at their highest since 2008 and posting their biggest weekly dollar gain on record, as Russia’s war on Ukraine intensified. April WTI crude futures settled at $115.68 a barrel, the highest finish since September 2008. The weekly dollar gain was the highest on record, based on data going back to April 1983. May Brent crude climbed to $118.11 a barrel, with prices marking the highest settlement since February 2013. Brent recorded the strongest weekly percentage advance based on records going back to January 1991. Prices of oil and several other commodities have surged since Russia’s invasion of Ukraine that began more than a week ago. According to experts, any event which reduces supply such as stricter sanctions or damage to production facilities or pipelines could spark another up leg for oil prices. On the other hand, events which could increase supply in the market, such as a new deal between the US and Iran that would allow Iran to resume exporting, could potentially cause the current rally to slow or reverse course. Last week, news reports said a renewed nuclear deal with Iran was near, but investors remain fixated on a scramble for barrels of oil. That excludes Russian oil, which is also putting a strain on global supplies, as market participants shun supplies from that country. Moody’s warned last week that the Russia-Ukraine war is raising risks for the global economy and increasing inflationary pressures through higher prices from key commodities including oil. Escalation of the military conflict would put Europe’s economic recovery at risk, said Moody’s. The rating agency said the rest of the world will be affected by commodity price shocks at a time when inflation is already high, and by financial repercussions from the sanctions against Russia and from financial market volatility.