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World money
7 Mar 2022


UKRAINE CONFLICT: OIL PRICE SOARS TO HIGHEST LEVEL SINCE 2008

8:22 pm on 7 March 2022
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Oil prices have soared to the highest level since 2008 after the US said it was
discussing a potential embargo on Russian supplies with its allies.

A Russian oilfield. The US is signalling it may stop the importation of Russian
oil in response to the country's war on Ukraine. Photo: AFP

Brent crude - the global oil benchmark - spiked to above $US139 ($NZ201) a
barrel, before easing back to below $130.

Energy markets have been rocked in recent days over supply fears triggered by
the Russian invasion of Ukraine.

Consumers are already feeling the impact of higher energy costs as fuel prices
and household bills jump.

Stock markets in Asia fell on Monday, with Japan's Nikkei 2.7 percent lower and
the Hang Seng in Hong Kong down by 3 percent.

On Sunday, the US Secretary of State Antony Blinken said the Biden
administration and its allies are discussing an embargo of Russian oil supplies.

Later, US House of Representatives Speaker Nancy Pelosi said the chamber was
"exploring" legislation to ban the import of Russian oil and that Congress this
week intended to enact $US10 billion of aid for Ukraine in response to Russia's
military invasion.

"The House is currently exploring strong legislation that will further isolate
Russia from the global economy," Pelosi said in a letter.

The comments came as pressure grows on the White House and other Western nations
to take tougher action against Moscow over its invasion of Ukraine.

A Russian oil embargo would be a major escalation in the response to the
invasion of Ukraine and would potentially have a major impact on the global
economy.

"While the US might just push through a ban on Russian oil imports, Europe can
ill-afford to do the same. More worryingly, [Russian leader Vladimir] Putin,
with his back to the wall, could turn off gas supplies to Europe, cutting off
the continent's energy lifeline," Vandana Hari at oil markets analysis firm
Vanda Insights told the BBC.

The price of Brent crude rose by more than 20 percent last week as the conflict
triggered fears of a shortage of oil on the global markets.

Consumers around the world have seen costs jump in recent days as they feel the
impact of rising wholesale energy prices.

On Sunday, the American Automobile Association said that US petrol prices at the
pump jumped by 11 percent over the past week to the highest level since July
2008.

In the UK, the average price of petrol has risen above £1.50 ($NZ2.87) a litre,
according to the RAC.

As in many countries, petrol prices in the UK and the US are on the rise. Photo:
RNZ / Dan Cook

Meanwhile, a jump in the price of gas amid the Ukraine conflict has added to
worries that annual UK household energy bills could reach £3000.

In recent days, the cost of gas in Europe and the UK has hit record levels as
fears persist that Russian supplies could be reduced.

On Sunday, energy giant Shell defended its decision to purchase Russian crude
oil despite the invasion of Ukraine.

The company said in a statement that the decision to purchase the fuel at a
discounted price was "difficult".

It confirmed that it had bought a cargo of Russian crude oil on Friday but said
it had "no alternative".

Ukrainian Foreign Minister Dmytro Kuleba hit out at the energy company, asking
on Twitter: "Doesn't Russian oil smell Ukrainian blood for you?"

It came as global brands continue to cut their ties with Russia over the
conflict.

At the weekend, video-sharing app TikTok said it had suspended livestreaming and
new content from its platform in Russia as it assesses tough new laws to crack
down on "fake news" about the country's armed forces.

Meanwhile, streaming giant Netflix said it had cut its services in the country
following its invasion of Ukraine.

Visa, Mastercard and PwC also joined the growing list of western firms cutting
ties with Russia.

-BBC

Tags:
 * conflict
 * energy
 * money

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