Brent Crude rose to $120 per barrel on the back of recent disruption to the Caspian Pipeline Consortium (CPC) pipeline.
The pipeline is currently struggling due to storm-damaged berths in the Black Sea, and accounts for approximately 1% of the global oil supply.
The estimated toll of the disruption will see exports of up to one million barrels of oil per day stalled in the Russian and Kazakhstan region.
Repairs are predicted take up to two months, according to current projections, leaving the global oil market in a precarious situation on the back of continued economic sanctions against Russia.
“Prices are primarily rising on the loss of CPC Blend crude exports out of Novorossiisk, which accounts for about 1.3 million barrels per day of exports, adding further bullish fuel to the fire as the drop in Russian crude exports finally appears underway,” Kpler lead oil analyst for the Americas Matt Smith said via Reuters.
The news follows crippling fuel prices across the UK, with a reported spike on Tuesday to £1.67 per litre and £1.80 per litre of diesel.
The current average cost of fuelling a family car amounted to over £92 and almost £99 for diesel.
Chancellor Rishi Sunak announced a 5p per litre price cut for petrol in the Spring Statement today, however the attempt at respite failed to make a significant dent in skyrocketing household costs.