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Home Markets Commodities

Oil posts 21% weekly gain, as Russia attacks Europe’s biggest nuclear plant

oil prices hit their highest levels in a decade, with WTI up 21% and Brent up 16% this week.

Olumide Adesina by Olumide Adesina
March 5, 2022
in Commodities
Oil dips for 5 consecutive weeks over fresh COVID-19 concerns 
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After Russian troops bombed and seized Europe’s largest nuclear power station on Friday, oil prices rose in a volatile session on growing fears that global supplies will be disrupted.

Crude futures crossed the $115 mark on Wednesday, while Brent surpassed $118 on Thursday. Crude benchmark Brent surpassed $100 for the first time since 2014 last week, reaching $119.84 on Thursday.

This week, oil prices hit their highest levels in a decade, with WTI up 21% and Brent up 16% this week.

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Outlook

A fire that engulfed the Zaporizhzhia power plant in Enerhodar, Ukraine, following an attack and capture by Russian forces caused Friday’s trading to be volatile.

  • Initial reports of the mishap sent shivers through global markets, prompting traders to liquidate stocks and euro-denominated assets and load their portfolios with bonds, gold, and crude oil. As it became apparent that catastrophe had been averted, some gains were unwound.
  • However, the overall market tone remains positive despite concerns about Western sanctions over the Ukraine conflict disrupting shipments from Russia, the world’s biggest crude and oil product exporter.
  • Although the sanctions imposed by the United States and its allies do not specifically target Russia’s daily exports of 4-5 million barrels, they have severely limited the ability of the country to sell its crude, as customers are reluctant to become entangled.
  • Wall Street’s traders and banks can keep buying and selling Russian oil and gas despite a raft of sanctions targeting Russia and its biggest lenders, the U.S. Treasury Department clarified Friday.
  • As world leaders rally against Russian President Vladimir Putin’s unprovoked invasion of Ukraine, traders and banks are worried about running afoul of U.S. trade laws.
  • Nevertheless, Treasury emphasized in a post that U.S. sanctions against Russia’s biggest banks – including VTB Bank – do not apply to energy transactions until June 24. Also exempt from the penalties are companies that move Russian energy commodities to the U.S., according to the department.

Generally, energy-related activities – such as purchasing, selling, or transporting Russian oil, gas, or other energy-related products – are permitted, Treasury said on its website. “Sanctions on the Russian Federation’s energy sector are not comprehensive.”


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Tags: Brent Crudecrude oilUkraine CrisisZaporizhzhia power plant
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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