Russia unleashed its largest airstrike against Ukraine in almost three months on Sunday, causing severe damage to the country’s electrical system.
The prices of oil they rose on Monday after the escalation of clashes between Russia and Ukraine over the weekendalthough concerns about fuel demand in China and forecasts of a global crude surplus slowed the markets.
The futures of Brent rose 55 cents, or 0.8%, to $71.59 a barrel, and those of West Texas Intermediate in the United States (WTI) earned 43 cents, or 0.6%, or $67.45.
Russia unleashed its biggest airstrike against Ukraine in almost three months on Sundaycausing serious damage to the country’s electrical system.
The US and its participation in the war conflict between Russia and Ukraine
In a significant shift in Washington policy on the Ukraine-Russia conflict, President Joe Biden’s administration allowed kyiv to use American-made weapons to conduct deep strikes against Russiatwo US officials and a source familiar with the decision said on Sunday.
The Kremlin stated on Monday that any such decision would mean the direct involvement of the United States in the conflict and accused the Biden government of escalating the war.
“If Biden allows Ukraine to attack Russian forces around Kursk with long-range missiles, it is possible that there will be a geopolitical bet on oil again“as it is an escalation of tensions there, in response to the entry of North Korean troops into the fray,” said Tony Sycamore, market analyst at IG.
Saul Kavonic, energy analyst at MST Marquee, said: “There has been little impact on Russian oil exports so far, but If Ukraine attacks more oil infrastructure, oil markets could rise further“.
Brent and WTI fell more than 3% last week on weak China data and after the International Energy Agency forecast that global oil supply will exceed demand by more than 1 million barrels per day in 2025, even if OPEC+ production cuts remain in place.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
