Brent oil soared above $99 per barrel amid Russia’s decision on Donbass – Rosbalt

The prices for “black gold” of reference grades during today’s trading do not stop growing and have already exceeded $99 per barrel of Brent North Sea oil mixture for the first time since September 18, 2014.

So, by 11:36 Moscow time, April futures for Brent rose by 4.05% to $99.21, April futures for the West Texas mark WTI – by 4.66% to $94.44, PRIME reports.

The rise in oil prices accelerated on Tuesday due to the deterioration of the geopolitical situation in eastern Ukraine, Interfax notes.

Recall that on February 21, 2022, Russian President Vladimir Putin signed decrees recognizing the independence of the republics of Donbass. He also instructed the Russian military to ensure the maintenance of peace on the territory of the DNR and LNR.

Earlier, the State Duma adopted and submitted to the Kremlin an appeal to the President of the Russian Federation with a call to recognize the Donetsk and Lugansk People’s Republics. And on February 21, the heads of the DPR and LPR Denis Pushilin and Leonid Pasechnik turned to the Russian leader with a request to recognize the independence of the people’s republics.

Many Western leaders condemned Russia’s decision to recognize the independence of the Donbass republics, calling for these actions to be reversed and threatening harsh sanctions.

Meanwhile, the international rating agency Fitch does not rule out an increase in oil prices above $100 per barrel of Brent in the event of an aggravation of the situation around Ukraine.

As Dmitry Marinchenko, Senior Director of Fitch Group for Natural Resources and Commodities, told TASS, in particular, the escalation of geopolitical tensions associated with Ukraine contributes to the growth in oil prices, which can reach $15 per barrel.