Oil soars to highest since 2008, hits $116/barrel as Russia invades Ukraine

Oil prices soared to $116 a barrel on Thursday, the highest level since 2008, as buyers continued to reject Russian crude following its invasion of Ukraine. The invasion has sparked supply concerns across commodity markets from energy to grains. Meanwhile, the OPEC+ has stuck with the 4,00,000 barrel-a-day production increase that was scheduled for April.