Oil prices, Saudi Aramco shares soar as Ukraine fighting continues

Saudi Arabia, Russia and other major oil producers have so far declined to increase production despite pleas from the United States.
FAYEZ NURELDINE/AFP via Getty Images
This picture taken Dec. 12, 2019, shows (L) a view of the exchange board at the Stock Exchange Market (Tadawul) in Riyadh displaying Aramco shares on the second day of their trading along with a poster depicting Saudi Arabia's founder King Abdulaziz ibn Saud (C), his son and current King Salman bin Abdulaziz (R), and the latter's son Crown Prince Mohammed bin Salman (L) on display. - FAYEZ NURELDINE/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

Oil prices have reached almost $120 a barrel as the war in Ukraine continues to impact the world economy. 

Brent crude, which is regarded as the global benchmark for oil prices, traded at more than $119 a barrel by 2:43 a.m. ET. The price dropped to more than $112 later in the day, according to MarketWatch. 

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