Oil prices continued to rise, today, Tuesday, with the continuation of the Russian-Ukrainian war, and the imposition of more sanctions on Moscow and Belarus, Next to Russian warnings of a big jump in prices.
Brent crude futures for May delivery rose 2.21% to $125.93 a barrel, while US crude futures for April delivery rose 1.61% to $121.16.
On Monday, oil prices jumped to their highest levels since 2008, while the United States and its European allies are considering banning crude imports from Russia, while a quick return of Iranian crude to global markets appears less likely.
And yesterday, the global benchmark Brent crude contracts ended the trading session up $5.1, or 4.3%, to record at the settlement of $123.21 a barrel, while the US West Texas Intermediate crude contracts closed $3.72, or 3.2%, at $119.40 a barrel.
During the session, the two benchmark crudes recorded their highest levels since July 2008, with Brent reaching $139.13 a barrel and US crude reaching $130.50.
“The bigger picture is that the supply disruptions are getting worse,” said Andrew Lipow, president of Lipow Oil Associates in Houston. “No one wants to touch anything Russia-related.”
International oil prices have jumped about 60% since the beginning of 2022, with increasing concern about global economic growth and fears of stagflation.
China, the world’s second largest economy, is targeting slower growth of 5.5% this year.