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The Maltese Herald

Russia gets a reprieve as oil prices spike at the end of the week

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by

Maltese Herald
in ,

Russia is getting a reprieve despite its allies falling down and Ukraine recapturing territory as oil prices spiked at the end of the week. West Texas Intermediate closed at $91.27 per barrel, up +$10.26 (+12.67%) on the day. Brent crude closed at $92.87 per barrel.

Oil prices are increasing as Iran’s missile and drone strikes on oil and gas infrastructure in the Gulf countries are disrupting production. Production has also been disrupted in Iraq while operations at Saudi Arabia’s Ras Tanura refinery. Gas prices in Europe are also going higher after production in Qatar has been disrupted.

US Treasury Secretary Scott Bessent said that the US will unsaction Russian oil for Indian purchases to alleviate supply shortages.

The war is supposed to last up to four weeks but there is no clear indication when energy production and delivery will be fully restored in the Gulf.

Feature image of Ras Tanura oil refinery by Aramco.

 

 

 

 

Comments

9 responses to “Russia gets a reprieve as oil prices spike at the end of the week”

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    […] Treasury has extended the sanctions-reprieve on Russian oil at sea. The US Treasury announced this reprieve at the start of the war against Iran in what it claimed to be an attempt to alleviate pressure on oil […]

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