Oil Prices March Closer To $100 Per Barrel As Signs Of Russia-Ukraine Conflict Tensions Rise

February 14, 2022

Oil prices have been climbing ever since the global economy started to recover from Covid-19. Now, as the United States warns that Russia could imminently invade Ukraine, they're pushing even higher.

What's happening: Brent crude futures, the global benchmark, rose above $96 per barrel on Monday before falling back slightly. Prices, which are now near their highest level since 2014, could weigh on economic growth and make the world's inflation problem even worse.

"No one can really read the mind of President Putin," UBS oil analyst Giovanni Staunovo told me. But a disruption to supply as a result of conflict between Russia and Ukraine could send oil above $100 per barrel for the first time in more than seven years, he said.

Russia is one of the world's top producers of oil and natural gas. Investors are worried that conflict with Ukraine could damage energy infrastructure in the region, and that sanctions on Russia by Western nations could hit the country's exports.

There are also concerns that Putin could weaponize exports of oil and gas to put pressure on Europe, which is dependent on Russia for its energy supplies.

The situation is especially delicate given the strain already on oil markets. Demand for energy is soaring as pandemic-era restrictions are lifted and travel picks back up, while inventories are stretched thin.

SOURCE: CNN
IMAGE SOURCE: Pixabay

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