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Oil prices hit 7-year high as Ukraine-Russia crisis threatens worldwide supply

Stock market is plunging and Brent crude oil prices are nearing $100/barrel as Ukraine crisis worsens

Oil prices are climbing due to concerns that the Ukraine-Russia crisis will disrupt supply worldwide
Oil prices are climbing due to concerns that the Ukraine-Russia crisis will disrupt supply worldwide

Oil prices rose this morning amid concerns that rising tensions between Ukraine and Russia could disrupt world supplies.

Price of Brent Crude Oil hit a seven-year high of $97.76 (£72) per barrel on Tuesday.

Market experts say a spike above $100 is inevitable in the event that Russia launches a full-scale military invasion of Ukraine.

Brent, the international benchmark, traded at its highest level since 2014, when military tanks and aircraft carriers seen on the outskirts of Donetskcapital of one of the two independent regions of Eastern Ukraine.

Russia claims its troops will participate in “peacekeeping” but the US says it is creating a pretext for war.







Tensions remain high between the two countries
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Image:

PA)

Britain and several Western allies have threatened sanctions against Russia, which could threaten oil supplies in the coming weeks and months.

That’s because Russia is the second-largest oil exporter after Saudi Arabia. It is also the world’s leading producer of natural gas.

Sue Trinh of Manulife Investment Management, said the Ukraine-Russia crisis could have a “significant impact” on oil prices.

Maike Currie, chief investment officer at Fidelity International, said oil prices could climb above $100 a barrel due to a combination of the Ukraine crisis, a cold US winter and a lack of investment in oil and gas supplies. In the world.

“Russia accounts for one in 10 barrels of oil consumed globally, so it is a major player when it comes to oil prices, and of course, it will really hurt consumers,” she said. used at petrol pump shops,” she said.

The stock market also reacted to the uncertainty this morning.

In London, FTSE 100 opened down 1.5% led by banking and travel-related stocks.

Ipek Ozkardeskaya, senior analyst at Swissquote, wrote: “The latest event narrows the chances of a Russian pullback and the diplomatic window closes.

“The risk-off mode is likely to continue in the coming hours, but at this point it’s hard to predict what’s next.”

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https://www.mirror.co.uk/money/breaking-oil-prices-hit-seven-26295819 Oil prices hit 7-year high as Ukraine-Russia crisis threatens worldwide supply

Fry Electronics Team

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