Report rise in gas and oil after aggravating crisis in Ukraine | Multimedia

The prices of gas and oil and other energy products have soared this Thursday in the international market as a result of the increase in tensions in the Russia and Ukraine conflict.


Minute by minute: Learn about the situation in Ukraine

According to the media, the price of gas opened at a record 125 euros ($140) per megawatt hour, which represented an increase of 60 percent.

As the day progressed this Thursday, prices were close to 144 euros (161 dollars), although without breaking the records for the month of December.

In the case of the barrel of Brent oil, one of the main references in Europe, the cost increased by 5 percent. Although oil is trading above $100 a barrel, experts still forecast a rise despite this being the highest price since 2014.

According to the European Statistical Office in 2017, 40 percent of the gas consumed in Europe came from Russia. This figure exceeds 30 percent for crude oil.

Russian media reported this Thursday that the price of a Brent crude futures contract with delivery in April on the London electronic market (ICE) increased 6.39 percent to 103.03 dollars per barrel.

According to platforms specialized in economic analysis, the increase in oil prices has been driven since the third quarter of 2021, also related to the elimination of restrictions by Covid-19.

On the other hand, German Chancellor Olaf Scholz stated on Tuesday that the Government of that country is halting the certification process for the Nord Stream 2 gas pipeline project. “The current situation is radically different and, therefore, in light of developments recent, we must reevaluate it,” he said.