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[size=38]Oil Prices Rise To Their Highest Level In 7 Years
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LAST UPDATE 02/23/2022 | 9:03 AM
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LAST UPDATE 02/23/2022 | 9:03 AM
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The Information/Baghdad...
Oil prices rose today, Wednesday, after they jumped to their highest levels in seven years in the previous session, with the imposition of Western sanctions on Russia.
Geopolitical tensions between Russia and Ukraine were the main reason for the oil rally, as the United States imposed sanctions on a major Russian bank, VEB, and the Military Bank in addition to sanctions on Russia's sovereign debt.
Brent crude rose 25 cents, or 0.26 percent, to $97.09 a barrel at 05:01 GMT, after rising to $99.50 on Tuesday, the highest level since September 2014.
US West Texas Intermediate crude futures rose 1.28 cents, or 1.41%, to $92.35 a barrel, after hitting $96 on Tuesday.
Prices jumped on Tuesday amid concerns that Western sanctions on Russia for sending troops into two breakaway regions in eastern Ukraine could harm energy supplies, but the United States made clear that there would be no impact on energy exports, sending prices lower this morning before rebounding. one more time.
Sanctions imposed by the United States, Britain and the European Union have focused on Russian banks, and Germany has also suspended approval of the $11 billion Nord Stream 2 natural gas pipeline project.
The price hike has largely limited the prospect of more than 1 million barrels per day of crude returning from Iran, as diplomats said Iran and world powers were close to reaching a deal to curb Tehran's nuclear programme.
However, other members of the Organization of the Petroleum Exporting Countries and their allies, the so-called OPEC+ community, have struggled to achieve their production targets due to lack of investment in oil infrastructure, and Iran may face the same problem. End 25
Oil prices rose today, Wednesday, after they jumped to their highest levels in seven years in the previous session, with the imposition of Western sanctions on Russia.
Geopolitical tensions between Russia and Ukraine were the main reason for the oil rally, as the United States imposed sanctions on a major Russian bank, VEB, and the Military Bank in addition to sanctions on Russia's sovereign debt.
Brent crude rose 25 cents, or 0.26 percent, to $97.09 a barrel at 05:01 GMT, after rising to $99.50 on Tuesday, the highest level since September 2014.
US West Texas Intermediate crude futures rose 1.28 cents, or 1.41%, to $92.35 a barrel, after hitting $96 on Tuesday.
Prices jumped on Tuesday amid concerns that Western sanctions on Russia for sending troops into two breakaway regions in eastern Ukraine could harm energy supplies, but the United States made clear that there would be no impact on energy exports, sending prices lower this morning before rebounding. one more time.
Sanctions imposed by the United States, Britain and the European Union have focused on Russian banks, and Germany has also suspended approval of the $11 billion Nord Stream 2 natural gas pipeline project.
The price hike has largely limited the prospect of more than 1 million barrels per day of crude returning from Iran, as diplomats said Iran and world powers were close to reaching a deal to curb Tehran's nuclear programme.
However, other members of the Organization of the Petroleum Exporting Countries and their allies, the so-called OPEC+ community, have struggled to achieve their production targets due to lack of investment in oil infrastructure, and Iran may face the same problem. End 25
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