The prices of Brent, the benchmark oil in Europe, and US WTI soared more than 5% on Monday, as a result of the impasse in the peace talks in Ukraine and the increase in tensions in the Middle East.
By 1:55 p.m. GMT, US WTI was up 5.52% to $110.48 a barrel, and North Sea Brent was up 6.11% to $114.52.
This price comes after the Houthi rebels against oil installations in Saudi Arabia and with the peace talks between Russia and Ukraine blocked, waiting for potential new sations from the West to Moscow.
The situation in Ukraine and the attack on Saudi Arabian oil facilities have “exacerbated an already existing imbalance in the market between supply and demand,” said analyst Victoria Scholar of Interactive Investor.
On Monday, in a video broadcast by Telegram, Ukrainian President Volodimir Zelensky called on the European Union to stop all “trade” with Russia, and especially to reject its energy resources.
For its part, the Kremlin warned that a potential European embargo would affect “the whole world.”
At the same time, tensions in the Middle East continue, adding additional risk of potential supply disruptions.
Source: Larepublica
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