Tokyo crude futures at highest level in nearly 14 years

Crude oil futures in Tokyo have risen to their highest level in almost 14 years amid a surge in global benchmark prices.

Dubai crude futures temporarily broke above 89,000 yen, or nearly 670 dollars, per kiloliter on Thursday. That's the highest level since July 2008.

One factor behind the surge is expected growth in demand in the US and China. Another is concern about supply shortages due to the Russian invasion of Ukraine.

The US oil benchmark, the WTI, is also sharply higher.