Why has crude gone above $113/bbl and can it go higher from here?

That is absolutely possible if you go by the trend in oil in the last few day. In fact, between December and March, i.e. in the last 3 months the price of Brent Crude has jumped by 62% and that is purely on the back of supply chain constraints. On 02-March, the price of Brent Crude crossed $113/bbl. Now this is the highest level of crude prices seen since June 2014. Supply disruptions were palpable as Russia was virtually cut off from the global oil markets.

If war was one reasons, the sanctions have made the situation worse as Russia produces 8% of daily oil supply of the world and that has suddenly been blocked. This resulted in a virtual scramble among oil buyers for alternate sources of energy in a market that is already grossly undersupplied. Brent later tapered to around $111.50/bbl, but the pressure is unmistakable. IEA is releasing 60m barrels from SPR but that is hardly going to make a dent on oil prices.