Russia-Ukraine War Pushes Oil Prices Higher as Moscow Cuts Fuel Exports
Even after facing heavy sanctions from some of the world’s most powerful countries, Russia still has a major impact on global oil prices. The ongoing Russia-Ukraine war is once again driving energy markets.
Oil is on track for its biggest weekly gain in three months as Russia moves to cut fuel exports. On Friday, oil prices extended their rise for the second day in a row. Brent crude added 13 cents, or 0.2%, to trade at $69.55 per barrel, while U.S. WTI crude climbed 22 cents, or 0.3%, to $65.20 per barrel. Prices are rising at their fastest pace since early June.
The rally began after Ukraine attacked Russia’s energy infrastructure, forcing Moscow to respond by restricting fuel exports and cutting crude production. These steps quickly tightened supply in the global market, lifting prices higher.
Impact:
Oil prices could continue climbing if Russia keeps export limits in place. However, any slowdown in demand or easing of tensions might cool the rally.