US sanctions targeting Russian refineries, disruptions to shipping and a fall in US crude stocks to multi-year lows kept oil prices racing on Thursday as Brent charged towards US$120 a barrel, its highest in almost a decade.

Brent crude futures rose as high as US$119.84 a barrel, the highest since May 2012. The contract was at US$119.78 a barrel, up US$6.85, or 6.1 percent...