International oil prices rose slightly as the geopolitical crisis surrounding Ukraine continued, and stock markets in major European countries remained in a steady position amid assessments that Western sanctions against Russia were less severe than expected. With oil prices already nearing $100 a barrel, oil prices are expected to surpass $100 a barrel if the incident disruptes crude oil exports from Russia, one of the largest oil-producing countries.
On the same day, 0.2% ↑= West Texas Intermediate (WTI) prices closed at $92.10 a barrel in April on the New York Commercial Exchange, up $0.19 (0.2%) from the previous day.
Oil prices have recently risen due to the growing possibility of an all-out war between Ukraine and Russia.
Pat Taker, director of the Economist Intelligence Unit (EIU), told MarketWatch, The sharp increase in conflicts in Ukraine has greatly increased Russia’s oil supply disruptions and the risk of sanctions, adding that oil prices and natural gas prices remain high.
The Ukrainian crisis is fluid, but the energy market is facing a considerable risk premium, he pointed out.
However, some analysts said that sanctions that will affect the flow of crude oil are unlikely, given Western sanctions against Russia and remarks by Biden administration officials.
The sanctions announced so far have not significantly affected Russia’s crude oil exports, said Warren Patterson, head of ING’s raw material strategy team. Local banks deeply involved in the raw material industry are not yet affected.
