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

Nathan Rivera

08/03/2022

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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.

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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.

Author Profile

Nathan Rivera
Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.

My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.

What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.

I am also a staunch advocate for press freedom. I have tirelessly fought to protect the rights of journalists and have faced significant challenges in my quest to inform the public truthfully and without constraints. My courage in defending these principles serves as an example to all who believe in the power of journalism to change the world.

Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.

At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.

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