Oil futures: Brent surges to new seven-year high as sanctions touch Russian oil

0812 GMT: Crude futures surged March 2 to a new seven-year high as international sanctions on Russia increasingly squeeze supply of the country’s oil and markets see little sign OPEC+ will change its output strategy in response to $100 oil and the war in Ukraine. The May ICE Brent crude futures contract surged to almost $113/b in early trading March…