Oil price

US President Joe Biden's ban on Russian energy imports is latest move to punish Russia over its invasion of Ukraine.

“So one is sort of a bit more manageable… that production is essentially unbuyable in many ways, and if you do that in an already very tight market the demand [and prices] are going to go up,” he said. The most immediate effect will be on inflation. “The fear is that if we can’t get oil, where’s it going to come from?.. Because people decide, well, I can’t. It’s too expensive to drive. For Russia, this represented 3 percent of its total exports.

Western countries could face oil prices of over $300 per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow ...

"But European politicians with their statements and accusations against Russia push us towards that." We are ready for it. "If you want to reject energy supplies from Russia, go ahead.

Fears of inflation and an economic slowdown are growing as global economies struggling to recover from the pandemic are forced to deal with soaring oil ...

Gundlach also said it was time to admit the U.S. was going into stagflation, and the latest increase in gas prices was only the beginning of the pain. The 50-percent jump in wheat prices since the start of the invasion is making wheat more unaffordable. Talks about oil sanctions marked the start of the week, and the market response was a sharper rise in oil prices. Giovanni Staunovo from UBS, for instance, forecast oil could stabilize around $125 per barrel unless the war drags on, in which case disruptions to global supply would persist, pushing oil to $150 per barrel. According to data about hedge fund buying activity in oil contracts, however, there are fears of a global economic slowdown, and while also unsurprising, this is most unwelcome. Oil prices soared as soon as Russia invaded Ukraine in what it euphemistically called a “special military operation” aimed at “demilitarizing” its eastern neighbor.

Gas and oil hit record highs before stabilising as countries dependent on Russian imports say measures likely to be introduced 'step by step'

The nightmare scenario of stagflation – where inflation combines with stagnating growth – looms for the world economy. It is therefore of essential importance for the provision of public services and the daily lives of our citizens.” The Bank of America chief economist Ethan Harris said cutting off most of Russia’s energy exports would be a “major shock to global markets”, and the loss of Russia’s 5m barrels could see oil prices double to $200 a barrel. Panic on trading floors sent safe havens sharply higher, with gold hitting as much as $2,000.86, its highest since mid-2020. “Europe has deliberately exempted energy supplies from Russia from sanctions,” he said. European benchmark gas prices jumped by 79% to as high as €345 per megawatt-hour, while Brent crude oil soared by more than 10% in early trading to $139 per barrel, a 14-year high and close to the all-time record of $147.50 set in July 2008.

US President Joe Biden on Tuesday announced a US ban on Russian oil and other energy imports, ramping up a pressure campaign on Moscow in retaliation for ...

Kwarteng said he was exploring options to end British imports of Russian gas which accounts for about 4% of supply in the country. Britain will also phase out Russian imports of oil and oil products by the end of 2022, business minister Kwasi Kwarteng said on Tuesday, calling on businesses to use the transition period to ensure a smooth transition. "This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand," Kwarteng said on Twitter.