Oil prices continue to rise due to crisis in Ukraine | News

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Oil prices rose on Tuesday, with Brent rising above $127 a barrel on the prospect of the United States imposing formal sanctions on Russian oil exports, raising supply concerns.


Russia denounces Ukraine for blocking humanitarian corridors

On the Intercontinental Petroleum Exchange (ICE) electronic market, benchmark North Sea Brent crude futures for May rose 3.56 dollars (2.9%), to trade at 126.77 dollars a barrel at 11:03 GMT, reaching its highest level since 2008.

US West Texas Intermediate (WTI) crude futures for April delivery rose 3.12 dollars (2.6%), to settle at 122.52 dollars a barrel.

The crisis in Ukraine, as well as fears of declining supplies coupled with strong global demand, also pushed up the price of Brent-indexed crude.

Russia is the world's leading exporter of crude oil and petroleum products combined, with around seven million barrels per day (bpd) or seven percent of global supply.

Russian Deputy Prime Minister Alexander Novak warned: "It is absolutely clear that the rejection of Russian oil would have catastrophic consequences for the world market." He then added: “The increase in prices would be unpredictable. It would be $300 a barrel if not more.”

Furthermore, the nuclear deal with Iran has taken longer than expected as the market expects an increase in oil supplies from the Persian nation.

During the day it was learned that the British oil corporation Shell announced on Tuesday that it plans to withdraw from Russian oil and gas "gradually".

"As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also close its service stations, aviation fuels and lubricants operations in Russia," the company said in a statement.

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