The rapidly escalating Russian invasion of Ukraine has driven global crude oil prices to cross the $110 per barrel mark. On Wednesday, Brent crude futures, the global benchmark, surged nearly 9% to $113.65 per barrel, their highest level since 2014. U.S. oil futures also gained more than 8% to trade at $112.25 per barrel.
According to Richard Spears, Vice-President of consultants Spears & Associates, the oil price increase should lift global spending on oilfield equipment and services by 30% this year versus last year to $260 billion. U.S. oilfield companies expected to withdraw from Russia and replace their lost revenue through new oil and gas drilling elsewhere.
