August 14, 2022

Dubai Week

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The “Ukrainian crisis” raises oil prices to a record high after 2014

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Oil prices rose to close at $ 100 a barrel on Tuesday after Moscow was ordered to send troops to two splintered areas in eastern Ukraine, but since 2014 the market has been nearing its maximum level following efforts to contain fears that it could be just the beginning. Full-scale Russian invasion.

The United States and Britain have announced sanctions targeting Russian banks, while the EU has added more Russian politicians to its blacklist and Germany controlled the $ 11 billion North Stream 2 natural gas pipeline project.

Brent crude traded at $ 99.50 a barrel during the global session, up $ 1.52 or 1.5 percent before registering a high of $ 96.84 after September 2014.

U.S. benchmark West Texas Intermediate crude deals also hit a seven-year high of $ 96 a barrel, up $ 1.28 or 1.4 percent from Friday’s close before closing at $ 92.35.

Markets were closed on Monday, a public holiday in the United States.

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