Russia-Ukraine crisis: Brent crude tops $121 a barrel, wheat at 24-yr high

In India, MCX crude futures for March 21 delivery hit an all-time high of $8,274 a barrel.

Oil prices skyrocketed on Wednesday, hitting multi-year highs, even as Opec+ nations agreed to stick to their plans for a modest output rise in April, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude. Gas, wheat, corn, and aluminium, too, became costlier as sanctions on Russia disrupted its commodities exports.

The Brent crude touched an intraday high of $121.89 a barrel, the highest since April 13, 2012, when it traded at $121.96. At 8.21 pm IST, it was trading at $111.5 a barrel — up 6.22 per cent. WTI crude oil was trading at 109.60