Economy | Ukrainian War: Oil Drives Over $ 100, Gas Flyes

La Provence (with AFP)

Oil prices soared on Thursday, and Russian air and ground attacks on Ukraine caused US WTI to exceed $ 100 a barrel and Brent to exceed $ 105 a barrel for the first time since 2014.

Around 11:20 am GMT (12:20 pm in Paris), the price of the Brent barrel from the North Sea, the European black gold benchmark, rose 7.92% to $ 104.51, West Texas Intermediate’s. The barrel has risen. From 7.67% to $ 99.16. The two rough benchmarks have not experienced such a peak since 2014.

Moscow began its invasion of Ukraine on Thursday dawn, with airstrikes throughout the country, especially in the capital Kiev, invading ground forces from the north, east and south of the country. “The market expects a significant tightening of supply.” Commerzbank analyst Karsten Frich said it was black gold.

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Russia is one of the world’s leading producers of gas and oil, panicking investors about potential energy supply disruptions. “If Russia’s oil supply was partially interrupted, other major producers could only compensate to a limited extent.”Warn analysts.

Two days after acknowledging the independence of Ukrainian separatist territory in Donbus, Russian President Vladimir Putin signaled hostility. “I have decided on a special military operation.”He announced in a surprise statement on television before 6am (Greenwich Mean Time 0300). “The fierce tensions surrounding Russia’s perceptions of the secession region of eastern Ukraine escalated overnight.”Underline the PVM Energy Tamas Varga. “At this stage it is not entirely clear what can lead the Russian president to his senses.”He is a lot. “As a result, the stock and oil markets remain volatile.”

According to Kiev, at least 40 soldiers and 12 civilians were killed early in Russia’s invasion of Ukraine.

The attack triggered international protests and emergency meetings were planned in several Western countries, including NATO and the European Union.

Natural gas is burning

“Rising oil prices are terrible news for businesses and consumers, and basically it reveals one of the main impacts of the war between Russia and Ukraine.” About the world economy: “It will help further boost inflation.”Says AJ Bell analyst Lasmold. “Energy prices will continue to rise.”He continues.

Russia is also the world’s largest exporter of natural gas. The Old World imports about 40% of its needs from Russia.

Despite this dependence on Russia’s gas, Europe nevertheless “Sufficient inventory to withstand winter”On Wednesday, France’s Secretary of State for European Affairs Clement Beaune was assured.

Following the approval of the Ukrainian state of pro-Russia, Germany finally suspended the certification of the Nord Stream 2 gas pipeline, Berlin’s flagship project on Vladimir Putin, which was carried out for a long time despite criticism on Tuesday. Was resolved.

High-ranking American officials announced in Berlin “Big turning point” WHO “Will liberate Europe from the vice of Russia’s strategic geopolitics.” Related to the supply of natural gas.

The Dutch TTF (Title Transfer Facility), the European benchmark market, peaked at € 125.00 early in the day and then traded at € 117.50 per megawatt hour (MWh).

Natural gas prices have risen 33%, the largest daily rise since 2019.