Commodity prices continue to climb with oil surpassing $113

By Ovunc Kutlu

ANKARA (AA) - Commodity prices climbed further Wednesday with the price of oil surpassing $113 as the Russian war in Ukraine continued.

Brent crude soared to $113.93 per barrel around 1320 GMT -- its highest since June 26, 2014, according to official figures.

The international benchmark was trading just above $110 with a 4.9% daily gain at 1700 GMT.

American benchmark West Texas Intermediate (WTI) jumped to $112.47, its highest since May 3, 2011.

WTI was around $107.97, up 4.4% at 1710 GMT.

Wheat prices also climbed, reaching $374.75 per ton for a daily gain of 6.8%.

Out of the 207 million tons of global wheat traded, Russia has a 17% share, while Ukraine supplies 12%, according to the Bank of America.

Precious metals retreated from their previous highs.

Gold was down 1.34% to $1,919 per ounce and silver lost 1.2% to $25.07.