Crude oil futures rallied on Friday, with U.S. prices settling at their highest since 2008, as worries about supply disruptions grew amid an escalation in the Russia-Ukraine conflict after Russia attacked and seized Ukraine's Zaporizhzhia nuclear power plant. As the war continues to rage, it is feared that Western countries will likely impose more stringent sanctions on Russia that could significantly disrupt oil exports from the country, which is the world's biggest exporter of crude and oil products combined. A report from Baker Hughes said the oil rigs count in the U.S. dropped by 3 to 519 in the week ending March 4. The number of total active drilling rigs in the U.S. remains unchanged at 650.
Benchmark crude oil futures for April delivery rose $8.01 or 7.4 percent to settle at $115.68 a barrel on the New York Mercantile Exchange. Brent crude for May delivery climbed $7.65 or 6.9 percent to settle at $118.11 a barrel on London's Intercontinental Exchange.