International oil prices soared to the brink of $100 a barrel in the aftermath of Russia’s attacks of Ukraine on the 24th (local time). It soared to $105 a barrel during the day, closing lower as Russia’s oil export sanctions fell out, but the possibility of entering $100 is open.
While demand continues to increase due to economic recovery after the COVID-19 crisis and oil prices rise due to production cuts by OPEC+, a non-OPEC oil-producing coalition such as the Organization of Petroleum Exporting Countries and Russia, oil prices are likely to exceed $100 a barrel again if the Ukraine crisis prolongs.
On the same day, the delivery of West Texas Intermediate (WTI), the benchmark oil for U.S. crude oil, closed at $92.81 per barrel, up 0.8% ($0.71) from the previous day on the New York Commercial Exchange (NYMEX), a futures market. As a result, WTI rose 24.56% this year and 62.96% over the past year.At the same time, the delivery of North Sea Brent crude oil, the basis for world crude oil trading, closed at $99.41 a barrel, up 2.65% ($2.57) on the ICE Futures Exchange in London, England.
Brent crude soared to $105.79 per barrel, the highest level in eight years, at the beginning of the market, but eventually closed below $100 per barrel.
Brent crude oil rose 28.24% this year and 63.34% over the past year.Concerns that the oil supply of Russia, the world’s largest oil-producing country along with Saudi Arabia, could be disrupted by the war led to an early surge in oil prices.
WTI also soared 9.2% to $10.54 during the day, but later returned most of the gains.
The move is interpreted as a result of U.S. President Joe Biden’s plan to impose additional sanctions on the Russian economy, and the European Union (EU) is also expected to move on from the issue of oil exports.
