Oil Prices surged higher on Monday after the Russia-Ukraine war. This appeared to show no signs of progress, and the markets continued to be irritated due to the tight supply. Crude was up more than 3% on Monday during Asia trading. Brent crude was at $111.46, and U.S. futures were $108.25.
Recent weeks have seen volatility in Oil Prices – they soared to record highs in March before falling almost 20% last week to touch below $100. Prices rose again by the end of the week to surpass this level. Despite intermittent meetings between Ukrainian and Russian officials for peace talks, there has been no significant progress toward concessions. Ukrainian President Volodymyr Zelenksyy has said that they need to meet again.
The war had caused many problems to supply chain problems due to the U.S. Sanctions on Russia’s oil and gas. The U.K. and European Union also added that they would phase out Russian fossil fuels. Russian Federation also supplied 11% of global oil consumption and 17% of global gas consumption in 2021, and as much as 40% of Western European gas consumption in the same period,