Crude oil prices hit above $99 a barrel, the highest in more than eight years, before trimming some gains, as fears mounted that supplies would be disrupted due to the Russia-Ukraine crisis.
As of 1330 hours GMT on Tuesday, Brent, the international benchmark for two-thirds of the world’s oil, gained $2.06 (+2.16 percent) to reach $97.45 a barrel. Analysts expect Brent crude will reach $100 a barrel in the coming days, amid supply fears. The price was last above that level in 2014.
On the other hand, the US West Texas Intermediate (WTI) price reached $93.71 a barrel, up by $2.64 (+2.90 percent). WTI hit the $95.81 mark during early trading.
The price for Opec Basket was recorded at $92.79 a barrel with a decrease of 2.65 percent, Arab Light was available at $95.91 a barrel with an increase of 4.16 percent and the price of Russian Sokol went up to $97.84 a barrel with 3.33 percent increase.
The oil market is closely monitoring growing tensions between Russia and Ukraine over Moscow’s recognition of the breakaway Donbass republics. There are fears that a potential military conflict or subsequent sanctions against Moscow may lead to disruptions in Russian energy supplies to Europe and the global market.
The European gas prices surged as much as 13% over fears energy supplies could be restricted as the conflict deepens. Russia is responsible for a third of Europe’s natural gas and about 10% of global oil production.
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