Oil soars past $100 after Russia orders troops into Ukraine
Oil prices have surged past $100 (£74) a barrel after Russian President Vladimir Putin launched a “special military operation” in the eastern Donbas region of Ukraine.
These are the highest levels seen by the international benchmark Brent crude futures in more than seven years.
Prices jumped earlier this week before cooling amid economic sanctions and moves to block a Russian gas pipeline.
Russia is the second biggest exporter of crude oil after Saudi Arabia.
It is also the world’s largest natural gas exporter.
“We could see prices keeping the momentum,” said Tina Teng, a markets analyst at CMC Markets.
“Investors are concerned about an even tighter supply, caused by the US sanctions on Russia to target the key supply source, the Nord Stream 2 gas pipeline,” she told the BBC.
Nord Stream 2 is a 1,200km pipeline under the Baltic Sea, which will take gas from the Russian coast near St Petersburg to Lubmin in Germany.
The pipeline does not yet have an operating licence – and Germany has now put this on hold.
More here: https://www.bbc.com/news/business-60502451
Submitted February 24, 2022 at 06:10AM by dtta8
via reddit https://ift.tt/zogfT0a