Düsseldorf The war in Ukraine, which Russia is waging with increasing severity, is causing oil prices to explode. The North Sea variety Brent has risen to $113, the highest level since July 2014. The US variety WTI has even climbed to its highest level in eleven years at $110 per barrel (159 liters).
The price trend for the Russian Urals variety, on the other hand, is different: the price is well below the $100 mark – and is an expression of the effectiveness of Western sanctions against Russia.
According to Commerzbank commodities analyst Carsten Fritsch, the market seems to be pricing in more and more oil supplies from Russia. Western oil companies announce their withdrawal from Russia, and several shipping companies are no longer accepting transport orders to and from Russia. “So it’s not surprising that interest in buying Russian oil is dwindling,” says Fritsch.
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