The conflict in Ukraine took oil prices to their highest price in the last seven years.
This Tuesday, Brent crude, which is the international price reference, rose a 10% until reaching US$107 per barrel.
This is an increase that occurs despite the implementation of new measures to calm the markets worried about the invasion of Ukraine.
The members of the International Energy Agency agreed to release 60 million barrels of oil in emergency reserves to alleviate the situation.
But as Russia is one of the largest energy producers in the world, and As a result of concerns about the invasion of Ukraine, investors have expressed doubts that energy supplies will not or are affected.
Price increases were even more pronounced in the United States, where the price of a barrel of West Texas Intermediate increased by 11% until reaching the US$30 per barrel.
“We are prepared to use all available tools to limit the disruption to the global supply of energy as a result of President Vladimir Putin’s actions,” White House spokeswoman Jen Psaki said on Tuesday. .
Another IEA statement noted that e the invasion of Ukraine came against a “backdrop of already tight global oil markets, heightened price volatility, and commercial inventories that are at their lowest level since 2014”.
Movements in the price of gasoline in many countries are mainly determined by the price of crude oil, which is the raw material for fuel, as well as the currency exchange rate, since oil is traded in dollars.
A volatile market
Western countries have imposed economic and political sanctions against Moscow.
Several transnational companies, such as British Petroleum, Shell and ExxonMobile have canceled their investments in Russia.
The ruble, Russia’s currency, remained stable on Tuesday after that the previous day collapsed a 30%, reaching historical lows against the main currencies of the world.
A ruble was worth less than a US cent this Tuesday.
The fall of the ruble reduces its purchasing power and affects the savings of ordinary Russians.
EPA
Analysis by Rob Young, BBC World Service Business
The Russian invasion of Ukraine has investors nervous.
There is a huge uncertainty about what is likely to happen in the conflict and that can be seen in the volatility of the markets.
Western sanctions on Russia have caused turbulence in the global banking sector, with companies strive to ensure that they do not do business with any to person or company sanctioned.
But punishments can hurt both sides, not just the sanctioned one. Even so, many company bosses are clear: decisions are made, not only about money, but also for moral reasons.
Meanwhile, the war continues to disrupt energy markets, with the price of oil oil now well above the US$30 a barrel.
An announcement that large crude reserves will be released would normally push prices down.
Today’s news, however, has done nothing to alleviate market concerns about a potential Russian oil shortage.
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