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Wednesday, December 6, 2023

Brent Oil Jumps 6% as Russia Sanctions Intensify Shortfall Fears

Brent Oil Jumps 6% as Russia Sanctions Intensify Shortfall Fears
© Bloomberg. Fuel storage tanks at a PT Pertamina facility at Tanjung Priok Port in Jakarta, Indonesia, on Thursday, Feb. 24, 2022. Oil surged above $100 a barrel for the first time since 2014 as Russia attacked sites across Ukraine, triggering fears of a disruption to energy exports at a time of already tight supplies. Photographer: Dimas Ardian/Bloomberg

(Bloomberg) — Brent crude soared past $104 a barrel after Western nations unleashed more sanctions to isolate Russia, one of the world’s top producers of oil, gas, metals and agricultural products.

Futures in London jumped as much as 6.5% in early Asian trade on Monday. The U.S. and its European allies agreed over the weekend to exclude some Russian banks from the SWIFT messaging system and to target the Russian Central Bank’s international reserves amid escalating conflict as Vladimir Putin ordered Russia’s military advance to proceed. 

Russia is a key supplier of energy to global customers, with Europe relying on the nation for about a quarter of its oil supplies and a third of its gas.

©2022 Bloomberg L.P.

Source: Investing.com

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