Brent oil price exceeds maximum of eight years ago | News

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The price of a contract for Brent crude oil to be delivered in May 2022 has reached 108.44 dollars per barrel, the highest figure recorded since August 2014, European media reported.

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According to the price of the London ICE stock exchange, the value of Brent has grown by 3.31 percent, exceeding 108 dollars, while the American West Texas Intermediate (WTI) rose to 106.78 dollars.

All this spike in crude oil prices as a result of the crisis between Russia and Ukraine occurs despite the fact that the International Energy Agency released 60 million barrels of the reserves of its member countries to the market seeking to stabilize the price.



Large allied associations such as the Anglo-Dutch Shell announced on Monday its separation in business from the Russian hydrocarbon company Gazprom.

Regarding Gazprom itself, the operator of the Nord Stream 2 gas pipeline that transported gas from Russia to Germany announced its bankruptcy on Tuesday.

Likewise, previously, the British Petroleum company had decided to cancel its commitments with the Russian company Rosneft.

However, despite the fact that tensions are boiling, Moscow’s response measures are expected to curb the consequences of the sanctions issued by the United States and its Western allies against it.

These measures, as is logical, will not only affect Russia, a country that produces oil, gas and other fuels, but will seriously damage the economy of the hydrocarbon importing nations.

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