During the day on Wednesday, the price of Brent crude rose by about 8 percent, to reach $113. barrel. After Biden’s statement, oil earned an extra dollar. on the barrel.
President Biden, when asked by reporters if it is possible to ban the import of crude oil from Russia, replied: ‘All options are on the table’.
Several countries, including the United States, the United Kingdom, and the European Union, have imposed a series of sanctions against Russia to punish them for attacking Ukraine. But so far, there has been no ban on importing crude oil or natural gas from Russia.
“Rising oil and grain prices Indicate the odds of uninteresting inflation. Sanctions are mounting, which could have major repercussions on the supply of critical raw materials and demand for goods and services, said Mike Hewson, chief market analyst at CMC Markets.
Gas will also become more expensive. Dutch Gas contracts rose 31 percent on Wednesday. Up to 165 euros per megawatt-hour. While Coal prices in Rotterdam rose on the ICE stock exchange by 33 percent. Up to $254 per ton. Earlier that day, prices hit a record high of around $290. per ton.
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