Amid the ongoing Russian invasion of Ukraine, and a hike in oil prices across the globe, Saudi Aramco's profits have also soared. It is now hiking oil investments.

Saudi Arabia hikes oil investments after profits soar due to rise in global oil prices

Oil prices have skidded in hopes of peace talks between Ukraine and Russia. US Crude oil fell over $3 a barrel while Asian shares trade mixed.

US Crude oil falls over $3 a barrel

Reports suggest that Saudi Arabia and UAE leaders have declined calls with Biden. The Gulf nations have the capacity to pump more oil to ease supply fears but relations with the US have chilled under Biden. Ghadi Francis brings you more on this on The West Asia Post.

The West Asia Post | Another foreign policy failure for Biden?

Iran oil minister said on Sunday that US seizure of Iranian tankers in recent months hasn't stopped the sanctions-hit country from increasing oil exports.&nbsp;

“The United States has on several occasions in the past months violated Iranian oil tankers to prevent export of shipments," Javad Owji said in an interview carried by Iranian media.

"When the enemy realised it could not stop our exports and contracts, they went after our ships," Owji said.&nbsp;

His remarks follow reports of a recent seizure of an Iranian oil tanker in the Bahamas, even as indirect Iran-US&nbsp;talks in Vienna to revive a 2015 nuclear deal could see the lifting of US&nbsp;sanctions in return for Tehran curbing its nuclear work.

A last-minute demand by Russia, a close ally of Iran, has forced world powers meeting in the Austrian capital to pause for an undetermined time, despite having a largely completed text.

On March 5, Russia unexpectedly demanded sweeping guarantees its trade with Iran would not be affected by sanctions imposed on Moscow over its invasion of Ukraine - a demand Western powers say is unacceptable and Washington has said it won't accept.

"Iran's oil exports have risen under the toughest sanctions and without waiting for the outcome of the Vienna talks," said Owji.

The increase was thanks to "different methods used to win contracts and finding different buyers," Owji said.

The rise had "even increased the bargaining power of friends in Vienna," he said, without elaborating.

Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited the 2015 nuclear accord and reimposed sanctions.

Iran views US&nbsp;sanctions as illegal and has said it will make every effort to sidestep them.

Its oil exports have risen to more than 1 million barrels per day (bpd) for the first time in almost three years, based on estimates from companies that track the flows, reflecting increased shipments to China.

Iran increased exports in 2021 despite the sanctions, according to estimates from oil industry consultants and analysts. But they remained well below the 2.5 million bpd shipped before sanctions were reintroduced.

(With inputs from agencies)

Iran oil minister said on Sunday that US seizure of Iranian tankers in recent months hasn't stopped the sanctions-hit country from increasing oil exports. “The United States has on several occasions in the past months violated Iranian oil tankers to prevent export of shipments," Javad Owji said in an interview carried by Iranian media.

Iran oil minister said on Sunday that US seizure of Iranian tankers in recent months hasn't stopped the sanctions-hit country from increasing oil exports. “The United States has on several occasions in the past months violated Iranian oil tankers to prevent export of shipments," Javad Owji said in an interview carried by Iranian media. "When the enemy realised it could not stop our exports and contracts, they went after our ships," Owji said. His remarks follow reports of a recent seizure of an Iranian oil tanker in the Bahamas, even as indirect Iran-US talks in Vienna to revive a 2015 nuclear deal could see the lifting of US sanctions in return for Tehran curbing its nuclear work. A last-minute demand by Russia, a close ally of Iran, has forced world powers meeting in the Austrian capital to pause for an undetermined time, despite having a largely completed text. On March 5, Russia unexpectedly demanded sweeping guarantees its trade with Iran would not be affected by sanctions imposed on Moscow over its invasion of Ukraine - a demand Western powers say is unacceptable and Washington has said it won't accept. "Iran's oil exports have risen under the toughest sanctions and without waiting for the outcome of the Vienna talks," said Owji. The increase was thanks to "different methods used to win contracts and finding different buyers," Owji said. The rise had "even increased the bargaining power of friends in Vienna," he said, without elaborating. Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited the 2015 nuclear accord and reimposed sanctions. Iran views US sanctions as illegal and has said it will make every effort to sidestep them. Its oil exports have risen to more than 1 million barrels per day (bpd) for the first time in almost three years, based on estimates from companies that track the flows, reflecting increased shipments to China. Iran increased exports in 2021 despite the sanctions, according to estimates from oil industry consultants and analysts. But they remained well below the 2.5 million bpd shipped before sanctions were reintroduced. (With inputs from agencies)

Iran oil exports unaffected by US seizing tankers, says minister

Oil prices barreled down by 12% on Wednesday after the United Arab Emirates called on its OPEC partners to ramp up production.

Oil prices drop as UAE calls on OPEC to boost production

Saudi Arabia and United Arab Emirates leaders have declined to take calls from US President Joe Biden. Biden has been trying to gather international support for Ukraine in a bid to arrest the rising oil prices. Saudi officials have been quite critical of the US and its policy in the Gulf amid the deteriorating relationship under the Biden administration.

US hunts for alternative oil supply as sanctions against Russia's oil sparks price rise

Joe Biden is reportedly planning a Saudi Arabia trip to push Riyadh into producing more oil. He also dispatched officials to repair America's frayed ties with Venezuela. Will Biden's mission to tame oil prices succeed? Palki Sharma tells you.

Gravitas: Joe Biden's mission to tame oil prices

Two US citizens jailed in Venezuela were released following high-level talks with the US delegation in Caracas.

One of those freed on Tuesday is Gustavo Cárdenas, an executive with Citgo, a US refining company once controlled by Venezuela's state oil firm.

He was arrested in 2017 and convicted on charges of corruption that the US government said were fabricated.

The other is Jorge Alberto Fernández who was detained on unrelated charges.

“Tonight, two Americans who were wrongfully detained in Venezuela will be able to hug their families once more,” US President Joe Biden said in a statement.

Their release is being seen as a goodwill gesture by the experts following a rare visit to Caracas by a high-level US delegation.

Also read |&nbsp;<a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">European Union adds 160 Russian oligarchs, senators to sanctions blacklist</a>

The release of two men came hours after Venezuelan President Nicolas Maduro expressed an interest in improving relations with the US.

The US seeks to improve&nbsp;ties with Venezuela considering that it has banned imports of Russian oil and is seeking to plug the shortfall with the Venezuelan oil to temper rising gas prices.

Biden ramped up the pressure campaign on Moscow on Tuesday with his announcement of a US ban on Russian oil and other energy imports. The ban could further increase prices at the pump for American consumers, adding to inflationary pressure.

Also read |&nbsp;<a href="https://www.wionews.com/world/europe-paying-285mn-every-day-in-oil-payments-to-fund-putins-war-in-ukraine-report-460592" hreflang="en">Europe paying $285mn every day in oil payments to fund Putin’s war in Ukraine: Report</a>

The South American country has huge oil reserves but the US imposed sanctions on Venezuela's oil sector in 2019 after President Maduro was sworn in to a second term in office following elections widely dismissed as neither free nor fair.

With oil expected to become scarcer following President Biden's announcement, the US has been looking for potential sources to make up the shortfall.

(With inputs from agencies)

Two US citizens jailed in Venezuela were released following high-level talks with the US delegation in Caracas. One of those freed on Tuesday is Gustavo Cárdenas, an executive with Citgo, a US refining company once controlled by Venezuela's state oil firm.

Two US citizens jailed in Venezuela were released following high-level talks with the US delegation in Caracas. One of those freed on Tuesday is Gustavo Cárdenas, an executive with Citgo, a US refining company once controlled by Venezuela's state oil firm. He was arrested in 2017 and convicted on charges of corruption that the US government said were fabricated. The other is Jorge Alberto Fernández who was detained on unrelated charges. “Tonight, two Americans who were wrongfully detained in Venezuela will be able to hug their families once more,” US President Joe Biden said in a statement. Their release is being seen as a goodwill gesture by the experts following a rare visit to Caracas by a high-level US delegation. Also read | European Union adds 160 Russian oligarchs, senators to sanctions blacklist The release of two men came hours after Venezuelan President Nicolas Maduro expressed an interest in improving relations with the US. The US seeks to improve ties with Venezuela considering that it has banned imports of Russian oil and is seeking to plug the shortfall with the Venezuelan oil to temper rising gas prices. Biden ramped up the pressure campaign on Moscow on Tuesday with his announcement of a US ban on Russian oil and other energy imports. The ban could further increase prices at the pump for American consumers, adding to inflationary pressure. Also read | Europe paying $285mn every day in oil payments to fund Putin’s war in Ukraine: Report The South American country has huge oil reserves but the US imposed sanctions on Venezuela's oil sector in 2019 after President Maduro was sworn in to a second term in office following elections widely dismissed as neither free nor fair. With oil expected to become scarcer following President Biden's announcement, the US has been looking for potential sources to make up the shortfall. (With inputs from agencies)

Venezuela releases two US citizens as Maduro & Biden attempt to bridge gap amid Russia crisis

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply.&nbsp;

USA on Wednesday banned import of Russian oil. US President Joe Biden himself made the announcement. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said.

"Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue.

"The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added.

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&nbsp;

Brent crude was down $3.56, or 2.8%, to $124.42 a barrel at 1250 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.99, or 3.2%, to $119.71.

Also Read | <a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">European Union adds 160 Russian oligarchs, senators to sanctions blacklist</a>

The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration.

"Theoretically, the U.S. could even offset the outages from Russia with its own production," Carsten Fritsch of Commerzbank wrote in a report.

Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed.

Crude has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008.

Also Read | <a href="https://www.wionews.com/world/ukraine-crisis-china-accuses-nato-of-pushing-russia-to-breaking-point-460521">Ukraine crisis: China accuses NATO of pushing Russia to 'breaking point'</a>

On Wednesday, Russia announced a new ceasefire in Ukraine to let civilians flee besieged cities, after days of mostly failed promises that have left hundreds of thousands of Ukrainians trapped without access to medicine or fresh water.

In addition to the U.S. Russian oil ban, Britain said on Tuesday it would phase Russian imports out and Shell said it would stop buying Russian crude. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers.

One potential source of extra oil supply is Iran, which has been in talks with Western powers for months on resuming its nuclear deal. Iran's chief negotiator in the Vienna talks returned to the Austrian capital on Wednesday.

Amid concern over supply shortages, there are some signs the market is not short of crude yet.

U.S. crude inventories rose by 2.8 million barrels, according to market sources, citing figures from the American Petroleum Institute, an industry group, on Tuesday. Official U.S. inventory figures are due at 1530 GMT.

(With inputs from agencies)

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply.

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply. USA on Wednesday banned import of Russian oil. US President Joe Biden himself made the announcement. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said. "Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue. "The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added. × Brent crude was down $3.56, or 2.8%, to $124.42 a barrel at 1250 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.99, or 3.2%, to $119.71. Also Read | European Union adds 160 Russian oligarchs, senators to sanctions blacklist The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration. "Theoretically, the U.S. could even offset the outages from Russia with its own production," Carsten Fritsch of Commerzbank wrote in a report. Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed. Crude has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008. Also Read | Ukraine crisis: China accuses NATO of pushing Russia to 'breaking point' On Wednesday, Russia announced a new ceasefire in Ukraine to let civilians flee besieged cities, after days of mostly failed promises that have left hundreds of thousands of Ukrainians trapped without access to medicine or fresh water. In addition to the U.S. Russian oil ban, Britain said on Tuesday it would phase Russian imports out and Shell said it would stop buying Russian crude. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers. One potential source of extra oil supply is Iran, which has been in talks with Western powers for months on resuming its nuclear deal. Iran's chief negotiator in the Vienna talks returned to the Austrian capital on Wednesday. Amid concern over supply shortages, there are some signs the market is not short of crude yet. U.S. crude inventories rose by 2.8 million barrels, according to market sources, citing figures from the American Petroleum Institute, an industry group, on Tuesday. Official U.S. inventory figures are due at 1530 GMT. (With inputs from agencies)

Oil prices ease over speculation US ban on Russia oil won't cause problem

Japan has recorded its largest current account deficit since the start of 2014. This has happened in January as a jump in oil import costs offset gains in investment incomes with continuing uncertainty due to the Ukraine crisis.

Oil import costs widen Japan's deficit

Crude oil prices rose up sharply amid concerns of a supply crunch even after countries agreed to release oil from reserves around the world. Now, OPEC meets US Shale executives.

OPEC meets US Shale executives as oil prices skyrocket

Russia is mulling imposing a ban on oil imports from Russia. This comes at a time when Russia is the world's top producer of natural gas right now and Europe's energy needs are fulfilled by Russia.

US mulls Russian oil import ban amid the ongoing Russian invasion of Ukraine

US President Joe Biden on Tuesday announced ban on import of Russian oil into US. The decision has been taken in light of Russia's invasion of Ukraine. Biden personally announced the decision in front of the media. Oil prices were already surging as reports of such a ban were doing rounds in the run-up to the announcement. What will the world economy have to bear as result of USA's decision. Here is a brief look.

Record rise in oil prices

JP Morgan has predicted that oil could hit a record $185 a barrel by the end of 2022 if disruption to Russian exports lasts that long, although along with most analysts polled by Reuters the bank expects a yearly average price below $100.

Other Western governments have not imposed direct sanctions on Russia's energy sector but some buyers are already shunning Russian oil in order to avoid legal troubles later.

"A prolonged war which causes widespread disruption to commodity supplies could see Brent moving above the $150 a barrel mark," Giovanni Staunovo, commodity analyst at UBS, said. He was quoted by Reuters.

Inflation

With natural gas prices hitting all-time highs, soaring energy costs are expected to push inflation above 7% on both sides of the Atlantic in the coming months and eat deep into households’ purchasing power.

As a rule of thumb, every 10% rise in the oil price in euro terms increases euro zone inflation by 0.1 to 0.2 percentage point. Since Jan 1, Brent crude is up around 80% in euros. In the U.S., every $10 per barrel rise in oil prices increases inflation by 0.2 percentage point.

In addition to being a major supplier of oil and gas, Russia is also the world's largest grains and fertilisers exporter and a top producer of palladium, nickel, coal and steel. The bid to exclude its economy from the trading system will hit a wide range of industries and add to global food security fears.

Recovery to be hit?

As the global economy is still in nascent stages of recovery after the pandemic, a ban on Russian oil is likely to slow it further.

Preliminary calculations by the European Central Bank (ECB) suggest that war could cut euro zone growth by 0.3 to 0.4 percentage points this year in a baseline scenario and 1 percentage point in case of a severe shock.

In the coming months, there is a high risk of stagflation, or little to minimal growth coupled with high inflation. However, further, euro zone growth is likely to remain robust, even if commodity prices prove a drag.

In the US, the Fed estimates that every $10 per barrel rise in oil prices cuts growth by 0.1 percentage point, though private forecasters see a more muted impact.

In Russia, the damage is likely to be large and immediate. JPMorgan estimates that its economy will contract by 12.5% from peak to trough.

Impact on central banks

For the US Federal Reserve, the inflationary impact has already proved too great and its Chair Jerome Powell has said that interest rates need to rise this month, piling pressure on borrowers. read more

For the ECB, the urgency of policy action is less acute as the labour market still enjoys spare capacity and there is little home-grown inflation.

"No one can seriously expect the ECB to start normalising monetary policy at such a moment of high uncertainty," ING economist Carsten Brzeski said.

What are the substitutes?

With fossil fuel demand rebounding from the pandemic but supply around the world still tight, policymakers will be under pressure to ramp up supply despite pledges to back green energy.

"There will be a dial back on green initiatives in the short term in an attempt to reverse the contraction we've seen in fossil fuel supplies," Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said.

Talks to unleash Iran from international sanctions are in advanced stages and high oil prices are set to galvanize investment in U.S. shale, but supply may not be set to come online soon enough to replace Russian output.

"The potential supply impacts are so large that there isn’t a quick way to substitute in the medium term, meaning the only mitigant will be price inflation of these inputs and the products that depend on them," said Alex Collins, senior corporate analyst at BlueBay Asset Management.

The long view

The Russian-Western impasse could invigorate Moscow's relationship with Beijing but the energy infrastructure between the two countries is scant.

"Although Russia's Pivot to the East has accelerated gas cooperation with China via gas infrastructure ... all these developments are still in their infancy compared to the mature markets in Europe," said Kaho Yu, principal Asia analyst at risk consultancy Verisk Maplecroft.

Renewables could get a boost in the medium- to long-run as countries seek to wean themselves off Russian energy.

"We should take the subsidies we now devote to natural gas, coal, and petroleum and put them into renewable energy generation, electric mobility and EV charging infrastructure, heat pumps, building efficiency upgrades," said Wolfgang Ketter, professor at the Rotterdam School of Management at Erasmus University in the Netherlands.

"Anything that will lead to long term energy security by reducing fossil fuel dependency."

(With inputs from agencies).

US President Joe Biden on Tuesday announced ban on import of Russian oil into US. The decision has been taken in light of Russia's invasion of Ukraine. Biden personally announced the decision in front of the media.

US President Joe Biden on Tuesday announced ban on import of Russian oil into US. The decision has been taken in light of Russia's invasion of Ukraine. Biden personally announced the decision in front of the media. Oil prices were already surging as reports of such a ban were doing rounds in the run-up to the announcement. What will the world economy have to bear as result of USA's decision. Here is a brief look. Record rise in oil prices JP Morgan has predicted that oil could hit a record $185 a barrel by the end of 2022 if disruption to Russian exports lasts that long, although along with most analysts polled by Reuters the bank expects a yearly average price below $100. Other Western governments have not imposed direct sanctions on Russia's energy sector but some buyers are already shunning Russian oil in order to avoid legal troubles later. "A prolonged war which causes widespread disruption to commodity supplies could see Brent moving above the $150 a barrel mark," Giovanni Staunovo, commodity analyst at UBS, said. He was quoted by Reuters. Inflation With natural gas prices hitting all-time highs, soaring energy costs are expected to push inflation above 7% on both sides of the Atlantic in the coming months and eat deep into households’ purchasing power. As a rule of thumb, every 10% rise in the oil price in euro terms increases euro zone inflation by 0.1 to 0.2 percentage point. Since Jan 1, Brent crude is up around 80% in euros. In the U.S., every $10 per barrel rise in oil prices increases inflation by 0.2 percentage point. In addition to being a major supplier of oil and gas, Russia is also the world's largest grains and fertilisers exporter and a top producer of palladium, nickel, coal and steel. The bid to exclude its economy from the trading system will hit a wide range of industries and add to global food security fears. Recovery to be hit? As the global economy is still in nascent stages of recovery after the pandemic, a ban on Russian oil is likely to slow it further. Preliminary calculations by the European Central Bank (ECB) suggest that war could cut euro zone growth by 0.3 to 0.4 percentage points this year in a baseline scenario and 1 percentage point in case of a severe shock. In the coming months, there is a high risk of stagflation, or little to minimal growth coupled with high inflation. However, further, euro zone growth is likely to remain robust, even if commodity prices prove a drag. In the US, the Fed estimates that every $10 per barrel rise in oil prices cuts growth by 0.1 percentage point, though private forecasters see a more muted impact. In Russia, the damage is likely to be large and immediate. JPMorgan estimates that its economy will contract by 12.5% from peak to trough. Impact on central banks For the US Federal Reserve, the inflationary impact has already proved too great and its Chair Jerome Powell has said that interest rates need to rise this month, piling pressure on borrowers. read more For the ECB, the urgency of policy action is less acute as the labour market still enjoys spare capacity and there is little home-grown inflation. "No one can seriously expect the ECB to start normalising monetary policy at such a moment of high uncertainty," ING economist Carsten Brzeski said. What are the substitutes? With fossil fuel demand rebounding from the pandemic but supply around the world still tight, policymakers will be under pressure to ramp up supply despite pledges to back green energy. "There will be a dial back on green initiatives in the short term in an attempt to reverse the contraction we've seen in fossil fuel supplies," Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said. Talks to unleash Iran from international sanctions are in advanced stages and high oil prices are set to galvanize investment in U.S. shale, but supply may not be set to come online soon enough to replace Russian output. "The potential supply impacts are so large that there isn’t a quick way to substitute in the medium term, meaning the only mitigant will be price inflation of these inputs and the products that depend on them," said Alex Collins, senior corporate analyst at BlueBay Asset Management. The long view The Russian-Western impasse could invigorate Moscow's relationship with Beijing but the energy infrastructure between the two countries is scant. "Although Russia's Pivot to the East has accelerated gas cooperation with China via gas infrastructure ... all these developments are still in their infancy compared to the mature markets in Europe," said Kaho Yu, principal Asia analyst at risk consultancy Verisk Maplecroft. Renewables could get a boost in the medium- to long-run as countries seek to wean themselves off Russian energy. "We should take the subsidies we now devote to natural gas, coal, and petroleum and put them into renewable energy generation, electric mobility and EV charging infrastructure, heat pumps, building efficiency upgrades," said Wolfgang Ketter, professor at the Rotterdam School of Management at Erasmus University in the Netherlands. "Anything that will lead to long term energy security by reducing fossil fuel dependency." (With inputs from agencies).

Joe Biden bans US import of Russian oil, global economy to face heat?

Amid reports that the United States and Britain would announce formal ban on Russian oil imports, oil prices rose on Tuesday as fears of shortage of supply mounted.

Benchmark Brent crude for May had climbed by almost 7% to $131.8 a barrel by 1517 GMT. U.S. crude for April delivery was up 7% at $127.82.

Prices climbed after a source said the United States, the world's biggest oil consumer, could announce a ban on Russian oil imports as soon as Tuesday in response to Russia's invasion of Ukraine.

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The White House said US&nbsp;President Biden would announce actions to hold Russia accountable at 1545 GMT after sources said Washington was willing to impose such a Russian oil import ban even without its European allies.

Britan is also expected to announce at 1600 GMT a ban on Russian oil imports, Politico reported, citing Whitehall officials.

The ban is expected to be a gradual phasing out over time and is expected to last about a year to try to stop people panic-buying fuel.

An import ban by Europe and the United States on Russian oil could send global oil prices to $200 a barrel, analysts at Oslo-based consultancy Rystad Energy said on Tuesday.

Russian Deputy Prime Minister Alexander Novak said prices could rise to more than $300 a barrel.

Many buyers are already avoiding Russian oil to avoid becoming entangled in existing sanctions.

Shell said it would stop all spot purchases of Russian crude after drawing criticism for a purchase on March 4.

Goldman Sachs raised its Brent forecast for 2022 to $135 from $98 and its 2023 outlook to $115 a barrel from $105, saying that the world economy could face the "largest energy supply shocks ever" because of Russia's key role.

Dimming expectations of an imminent return of Iranian crude to global markets have added to upward pressure on prices amid a slowdown in talks between Tehran and world powers over its nuclear activity.

Oil supply disruptions come as inventories continue to fall worldwide. Five analysts polled by Reuters estimated on average that U.S. crude stockpiles decreased by about 800,000 barrels in the week to March 4.

(With inputs from agencies) 
&nbsp;

Amid reports that the United States and Britain would announce formal ban on Russian oil imports, oil prices rose on Tuesday as fears of shortage of supply mounted.

Amid reports that the United States and Britain would announce formal ban on Russian oil imports, oil prices rose on Tuesday as fears of shortage of supply mounted. Benchmark Brent crude for May had climbed by almost 7% to $131.8 a barrel by 1517 GMT. U.S. crude for April delivery was up 7% at $127.82. Prices climbed after a source said the United States, the world's biggest oil consumer, could announce a ban on Russian oil imports as soon as Tuesday in response to Russia's invasion of Ukraine. × The White House said US President Biden would announce actions to hold Russia accountable at 1545 GMT after sources said Washington was willing to impose such a Russian oil import ban even without its European allies. Britan is also expected to announce at 1600 GMT a ban on Russian oil imports, Politico reported, citing Whitehall officials. The ban is expected to be a gradual phasing out over time and is expected to last about a year to try to stop people panic-buying fuel. An import ban by Europe and the United States on Russian oil could send global oil prices to $200 a barrel, analysts at Oslo-based consultancy Rystad Energy said on Tuesday. Russian Deputy Prime Minister Alexander Novak said prices could rise to more than $300 a barrel. Many buyers are already avoiding Russian oil to avoid becoming entangled in existing sanctions. Shell said it would stop all spot purchases of Russian crude after drawing criticism for a purchase on March 4. Goldman Sachs raised its Brent forecast for 2022 to $135 from $98 and its 2023 outlook to $115 a barrel from $105, saying that the world economy could face the "largest energy supply shocks ever" because of Russia's key role. Dimming expectations of an imminent return of Iranian crude to global markets have added to upward pressure on prices amid a slowdown in talks between Tehran and world powers over its nuclear activity. Oil supply disruptions come as inventories continue to fall worldwide. Five analysts polled by Reuters estimated on average that U.S. crude stockpiles decreased by about 800,000 barrels in the week to March 4. (With inputs from agencies)

Oil prices shoot up as possible US ban on Russian import looms

The ongoing Russian invasion has not elicited any military reaction from the West but US and other allies have moved to impose economic sanctions aimed at crippling Russian economy. As a further step in this direction, the US is planning to ban oil imports from Russia.

Russia is among prominent oil and gas producers in the world.

A bipartisan group of US lawmakers last week introduced the Ban Russian Energy Imports Act, which would declare a national emergency as a result of Russian aggression and prohibit all US imports of Russian energy.

US President Joe Biden had initially resisted plans to ban Russian oil in light of inflation but strong anti-Moscow sentiment among Americans has forced the administration to hold discussions in that direction.&nbsp;

Will ban on Russian oil impact US oil market adversely?

Russian oil forms amounts to 10 per cent of total oil imports of US. Experts are saying that since percentage is low, the US would be able to offset the effect caused by potential oil shortage.

"I wouldn't minimize what it takes to replace Russian oil, but it's achievable," said Antoine Halff, a research scholar at Columbia University's Center of Global Energy Policy. He was quoted by AFP.

Will oil prices shoot up?

Even without a ban, oil prices have risen about 30 percent in response to the Russian invasion.

US gasoline prices averaged $4.07 a gallon on Monday, an increase of $0.62 from a month earlier and 47 percent higher than the year-ago level, according to the American Automobile Association.

How enthusiastic is Europe to join Russian oil ban?

Europe, as compared with the US, is more reliant on Russia when it comes to energy products. Europe imports about 40 per cent of its natural gas from Russia. Supply of energy products also gives Russia some political leverage over Europe.&nbsp;

US initiative to ban Russian oil would be more effective if Europe joined the effort. But there are strong indications of low enthusiasm among European countries over a total ban.

How can the US make up for oil shortfall?

The situation has arisen an a peculiar juncture as Iran, a major oil producing nation is negotiating with the West to revive 2015 nuclear deal. Aim of the Islamic Republic remains to be free of crippling US sanctions which are choking its economy. Iran has given indications that if US lifts sanctions, it was ready to increase oil output.

&nbsp;Will US petroleum producers make up the difference?

Large domestic companies such as ExxonMobil and Chevron have been cautious about ramping up investment in response to higher oil prices, in part due to Wall Street's skepticism towards aggressive drilling plans. The firms have shifted some of their extra cash from higher profits on dividends and share buybacks.

Oil prices remaining above $100 a barrel likely would incentivize some more activity, but producers also are watching the global picture to see how the situation evolves.

"The biggest risk here, of course, is if you go ahead and you start drilling, and then the United States makes a deal with Iran, and also this Iranian oil hits the market," said Stephen Schork an oil analyst who writes a newsletter on energy markets.

How will the Russia crisis affect US climate policy?

The cornerstone of Biden's climate agenda, the Build Back Better Act, was already struggling on Capitol Hill, even before the invasion of Ukraine seized national attention.

Biden's critics in the Republican party have said the crisis highlights the need to reconsider White House policies such as the canceling of the Keystone pipeline and the removal of drilling acreage in Alaska and other environmentally sensitive habitats.

But environmentalists say the lesson of the crisis isn't the need for more domestic oil production, but more investments in electric vehicles and renewable energy.

(With inputs from agencies)

The ongoing Russian invasion has not elicited any military reaction from the West but US and other allies have moved to impose economic sanctions aimed at crippling Russian economy.

The ongoing Russian invasion has not elicited any military reaction from the West but US and other allies have moved to impose economic sanctions aimed at crippling Russian economy. As a further step in this direction, the US is planning to ban oil imports from Russia. Russia is among prominent oil and gas producers in the world. A bipartisan group of US lawmakers last week introduced the Ban Russian Energy Imports Act, which would declare a national emergency as a result of Russian aggression and prohibit all US imports of Russian energy. US President Joe Biden had initially resisted plans to ban Russian oil in light of inflation but strong anti-Moscow sentiment among Americans has forced the administration to hold discussions in that direction. Will ban on Russian oil impact US oil market adversely? Russian oil forms amounts to 10 per cent of total oil imports of US. Experts are saying that since percentage is low, the US would be able to offset the effect caused by potential oil shortage. "I wouldn't minimize what it takes to replace Russian oil, but it's achievable," said Antoine Halff, a research scholar at Columbia University's Center of Global Energy Policy. He was quoted by AFP. Will oil prices shoot up? Even without a ban, oil prices have risen about 30 percent in response to the Russian invasion. US gasoline prices averaged $4.07 a gallon on Monday, an increase of $0.62 from a month earlier and 47 percent higher than the year-ago level, according to the American Automobile Association. How enthusiastic is Europe to join Russian oil ban? Europe, as compared with the US, is more reliant on Russia when it comes to energy products. Europe imports about 40 per cent of its natural gas from Russia. Supply of energy products also gives Russia some political leverage over Europe. US initiative to ban Russian oil would be more effective if Europe joined the effort. But there are strong indications of low enthusiasm among European countries over a total ban. How can the US make up for oil shortfall? The situation has arisen an a peculiar juncture as Iran, a major oil producing nation is negotiating with the West to revive 2015 nuclear deal. Aim of the Islamic Republic remains to be free of crippling US sanctions which are choking its economy. Iran has given indications that if US lifts sanctions, it was ready to increase oil output. Will US petroleum producers make up the difference? Large domestic companies such as ExxonMobil and Chevron have been cautious about ramping up investment in response to higher oil prices, in part due to Wall Street's skepticism towards aggressive drilling plans. The firms have shifted some of their extra cash from higher profits on dividends and share buybacks. Oil prices remaining above $100 a barrel likely would incentivize some more activity, but producers also are watching the global picture to see how the situation evolves. "The biggest risk here, of course, is if you go ahead and you start drilling, and then the United States makes a deal with Iran, and also this Iranian oil hits the market," said Stephen Schork an oil analyst who writes a newsletter on energy markets. How will the Russia crisis affect US climate policy? The cornerstone of Biden's climate agenda, the Build Back Better Act, was already struggling on Capitol Hill, even before the invasion of Ukraine seized national attention. Biden's critics in the Republican party have said the crisis highlights the need to reconsider White House policies such as the canceling of the Keystone pipeline and the removal of drilling acreage in Alaska and other environmentally sensitive habitats. But environmentalists say the lesson of the crisis isn't the need for more domestic oil production, but more investments in electric vehicles and renewable energy. (With inputs from agencies)

Explainer: US mulls banning Russian oil imports, will it spell trouble?

Oil prices continue to surge as Western allies of Ukraine battled with Russia over oil import. In the latest Russia has threatened to close its main gas pipeline to Germany.

Ukraine war puts oil market in turmoil: Russia threatens Europe's gas supplies

Crude oil prices rose up sharply amid concerns of a supply crunch even after countries agreed to release oil from reserves around the world. Oil prices surged to highest since 2008

US crude briefly tops $130 per barrel as oil prices surge to highest since 2008

The United States and its allies are weighing an oil reserve release amid soaring prices and concern about supplies after Russia invaded Ukraine. Oil prices have hit the seven years high following the invasion and after Western allies have imposed sanctions on Russia.

US to release oil from reserves as global oil prices surge to a record high amid Russian invasion

Iran said that it was ready to step up exports of crude oil once US sanctions are lifted. Iran is currently negotiating with world powers to revive 2015 nuclear deal

Global oil prices have shot up in the aftermath of Russian invasion of Iran.

"The Islamic Republic of Iran is ready to increase its production and exports to the pre-November 2018 level," Iranian Oil Minister Javad Owji was quoted as saying by the official IRNA agency.&nbsp;

Owji was referring to November 5, 2018 when the US under then president Donald Trump reimposed sanctions against Iran's oil sector, following its withdrawal in May that year from the 2015 Iran nuclear agreement.

"It is up to the major consuming countries to take the necessary steps to maintain stability and calm in the oil market," Owji had said Wednesday after an OPEC meeting, according to Shana, the ministry's official agency.&nbsp;

In that meeting, the oil-rich Gulf states had failed to respond to Western pressure to increase crude output, prioritising their own strategic and economic interests.&nbsp;

"I promise to reach the highest oil export capacity within one to two months as soon as the green light from Vienna is given," Owji said.&nbsp;

The minister had, in comments on February 6, estimated his country's export capacity at 2.5 million barrels per day, out of total production of about 4 million bpd, according to the Shana agency.&nbsp;

"Iran is technically and operationally capable of stabilising its export share in the world market after the lifting of sanctions," he said.

Crude oil prices were already rising sharply before the Ukraine war amid supply shortages due to a strong recovery in global demand caused by the lifting of Covid-19 restrictions in many countries.&nbsp;

Surging oil prices are playing a major role in sending global inflation to the highest levels in decades, forcing central banks to hike interest rates.

In recent days, negotiators have reported progress in the ongoing talks in Vienna aimed at salvaging the nuclear deal Iran reached with Britain, China, France, Germany, Russia and the United States.&nbsp;

(With inputs from agencies)

Iran said that it was ready to step up exports of crude oil once US sanctions are lifted. Iran is currently negotiating with world powers to revive 2015 nuclear deal Global oil prices have shot up in the aftermath of Russian invasion of Iran.

Iran said that it was ready to step up exports of crude oil once US sanctions are lifted. Iran is currently negotiating with world powers to revive 2015 nuclear deal Global oil prices have shot up in the aftermath of Russian invasion of Iran. "The Islamic Republic of Iran is ready to increase its production and exports to the pre-November 2018 level," Iranian Oil Minister Javad Owji was quoted as saying by the official IRNA agency. Owji was referring to November 5, 2018 when the US under then president Donald Trump reimposed sanctions against Iran's oil sector, following its withdrawal in May that year from the 2015 Iran nuclear agreement. "It is up to the major consuming countries to take the necessary steps to maintain stability and calm in the oil market," Owji had said Wednesday after an OPEC meeting, according to Shana, the ministry's official agency. In that meeting, the oil-rich Gulf states had failed to respond to Western pressure to increase crude output, prioritising their own strategic and economic interests. "I promise to reach the highest oil export capacity within one to two months as soon as the green light from Vienna is given," Owji said. The minister had, in comments on February 6, estimated his country's export capacity at 2.5 million barrels per day, out of total production of about 4 million bpd, according to the Shana agency. "Iran is technically and operationally capable of stabilising its export share in the world market after the lifting of sanctions," he said. Crude oil prices were already rising sharply before the Ukraine war amid supply shortages due to a strong recovery in global demand caused by the lifting of Covid-19 restrictions in many countries. Surging oil prices are playing a major role in sending global inflation to the highest levels in decades, forcing central banks to hike interest rates. In recent days, negotiators have reported progress in the ongoing talks in Vienna aimed at salvaging the nuclear deal Iran reached with Britain, China, France, Germany, Russia and the United States. (With inputs from agencies)

Will raise oil output once US sanctions lifted, says Iran

Traders are still nervous about the situation in Europe. However, the oil prices took a breather after surging to a seven-year high in the previous session.

Oil prices pull back: Sanctions on Russia may not choke oil supply

With crisis deepening after latest Russian move in eastern Ukraine, oil jumped to a seven-year high on Tuesday. US stock futures have also nosedived. &nbsp;

This comes as Russian President Vladimir Putin signed decrees to recognise the 'Donetsk and Luhansk People's Republics' as 'independent’. Moscow has also sent troops to these regions. &nbsp; &nbsp; &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/ukrainian-president-volodymyr-zelenskiy-addresses-nation-rejects-making-any-territorial-concessions-455197" hreflang="en">Ukrainian President Volodymyr Zelenskiy addresses nation, rejects making any territorial concessions</a>

Brent crude futures rose around 4% to $97.35. It is the highest rise since September 2014. While S&amp;P 500 futures fell 2% and Nasdaq futures dived 2.7%. &nbsp;

European equities also dropped 1.3% overnight to a four-month low. The Russian rouble tanked and Russia's MOEX equity index fell by 10.5%. Australia's ASX 200 also followed suit and fell 1.3% in early trade. On Monday, markets in the&nbsp;US were closed for a holiday.&nbsp;&nbsp;

Ray Attrill, NAB head of foreign exchange strategy, said, "In these circumstances, risk metrics are the driving force."&nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/un-chief-antonio-guterres-voices-concern-calls-russian-move-a-violation-of-ukraines-sovereignty-455208" hreflang="en">UN chief Guterres calls Russian move a 'violation' of Ukraine’s sovereignty</a>

In the currency trade, the yen hiked by 0.2% in Asia to a nearly three-week high of 114.50 per dollar. The euro nosedived around 0.1% to a one-week low of $1.1296. The Russian rouble also touched a one-month low of 80.289 per dollar. &nbsp;&nbsp;

The tensions also drove US Treasury yields lower, with benchmark 10-year Treasury yields down 5.5 basis points (bp) to 1.8715%. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

With crisis deepening after latest Russian move in eastern Ukraine, oil jumped to a seven-year high on Tuesday. US stock futures have also nosedived. This comes as Russian President Vladimir Putin signed decrees to recognise the 'Donetsk and Luhansk People's Republics' as 'independent’.

With crisis deepening after latest Russian move in eastern Ukraine, oil jumped to a seven-year high on Tuesday. US stock futures have also nosedived. This comes as Russian President Vladimir Putin signed decrees to recognise the 'Donetsk and Luhansk People's Republics' as 'independent’. Moscow has also sent troops to these regions. Also Read: Ukrainian President Volodymyr Zelenskiy addresses nation, rejects making any territorial concessions Brent crude futures rose around 4% to $97.35. It is the highest rise since September 2014. While S&P 500 futures fell 2% and Nasdaq futures dived 2.7%. European equities also dropped 1.3% overnight to a four-month low. The Russian rouble tanked and Russia's MOEX equity index fell by 10.5%. Australia's ASX 200 also followed suit and fell 1.3% in early trade. On Monday, markets in the US were closed for a holiday. Ray Attrill, NAB head of foreign exchange strategy, said, "In these circumstances, risk metrics are the driving force." Also Read: UN chief Guterres calls Russian move a 'violation' of Ukraine’s sovereignty In the currency trade, the yen hiked by 0.2% in Asia to a nearly three-week high of 114.50 per dollar. The euro nosedived around 0.1% to a one-week low of $1.1296. The Russian rouble also touched a one-month low of 80.289 per dollar. The tensions also drove US Treasury yields lower, with benchmark 10-year Treasury yields down 5.5 basis points (bp) to 1.8715%. (With inputs from agencies)

Russian move in eastern Ukraine triggers oil jump, stocks fall

Oil&nbsp;hit its&nbsp;highest&nbsp;since&nbsp;2014&nbsp;on Tuesday as tensions between&nbsp;Russia&nbsp;and&nbsp;Ukraine&nbsp;escalated after Moscow ordered troops into two breakaway regions in eastern&nbsp;Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel.

The United States and its European allies are poised to announce new sanctions against&nbsp;Russia&nbsp;after President Vladimir Putin formally recognised the two regions in eastern&nbsp;Ukraine, escalating a security crisis on the continent.

"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of&nbsp;oil&nbsp;broker PVM. "Those who have bet on such a move anticipated the&nbsp;escalation&nbsp;of the conflict."

Also read |&nbsp;<a href="https://www.wionews.com/world/amid-rising-tensions-osce-reports-more-than-3000-new-ceasefires-violations-in-eastern-ukraine-455242">Amid rising tensions, OSCE reports more than 3,000 new ceasefires violations in eastern Ukraine</a>

Brent crude, the global benchmark, was up $3.38, or 3.5 per cent, at $98.77 at 1000 GMT, having earlier reached $99.50, the&nbsp;highest&nbsp;since&nbsp;September&nbsp;2014.

US&nbsp;West Texas Intermediate (WTI) crude jumped $4.40, or 4.8 per cent, to $95.47 versus Friday's settlement, having earlier reached $96, also the&nbsp;highest&nbsp;since&nbsp;2014. The US&nbsp;market was closed on Monday for a public holiday.

"We see the&nbsp;oil&nbsp;market in a period of frothiness and nervousness, spiced up by geopolitical fears and emotions," said Julius Baer analyst Norbert Rücker.

"Given the prevailing mood,&nbsp;oil&nbsp;prices may very likely climb into the triple digits in the near term."

Also read |&nbsp;<a href="https://www.wionews.com/photos/donetsk-and-lugansk-ukraines-breakaway-republics-455307">Donetsk and Lugansk: Ukraine's breakaway republic</a>

The crisis over&nbsp;Ukraine&nbsp;has added further support to an&nbsp;oil&nbsp;market that has surged due to tight supplies as demand recovers from the coronavirus pandemic.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have resisted calls to boost supply more rapidly.

A senior British minister said on Tuesday&nbsp;Russia's invasion of&nbsp;Ukraine&nbsp;has created a situation as grave as the 1962 Cuban missile crisis, when a confrontation between the United States and the Soviet Union brought the world to the brink of nuclear war.

Watch |&nbsp;Gravitas: 2,000 ceasefire violations in eastern Ukraine

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-2000-ceasefire-violations-in-eastern-ukraine-455187/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Nigeria's minister of state for petroleum on Tuesday stuck to the OPEC+ view that more supply was not needed, citing the prospect of more production from Iran if its nuclear deal with world powers is revived.

Talks are ongoing on renewing Iran's nuclear agreement with world powers, which could eventually boost Iran's&nbsp;oil&nbsp;exports by over 1 million barrels per day.

Oil hit its highest since 2014 on Tuesday as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel.

Oil hit its highest since 2014 on Tuesday as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel. The United States and its European allies are poised to announce new sanctions against Russia after President Vladimir Putin formally recognised the two regions in eastern Ukraine, escalating a security crisis on the continent. "The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict." Also read | Amid rising tensions, OSCE reports more than 3,000 new ceasefires violations in eastern Ukraine Brent crude, the global benchmark, was up $3.38, or 3.5 per cent, at $98.77 at 1000 GMT, having earlier reached $99.50, the highest since September 2014. US West Texas Intermediate (WTI) crude jumped $4.40, or 4.8 per cent, to $95.47 versus Friday's settlement, having earlier reached $96, also the highest since 2014. The US market was closed on Monday for a public holiday. "We see the oil market in a period of frothiness and nervousness, spiced up by geopolitical fears and emotions," said Julius Baer analyst Norbert Rücker. "Given the prevailing mood, oil prices may very likely climb into the triple digits in the near term." Also read | Donetsk and Lugansk: Ukraine's breakaway republic The crisis over Ukraine has added further support to an oil market that has surged due to tight supplies as demand recovers from the coronavirus pandemic. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have resisted calls to boost supply more rapidly. A senior British minister said on Tuesday Russia's invasion of Ukraine has created a situation as grave as the 1962 Cuban missile crisis, when a confrontation between the United States and the Soviet Union brought the world to the brink of nuclear war. Watch | Gravitas: 2,000 ceasefire violations in eastern Ukraine Nigeria's minister of state for petroleum on Tuesday stuck to the OPEC+ view that more supply was not needed, citing the prospect of more production from Iran if its nuclear deal with world powers is revived. Talks are ongoing on renewing Iran's nuclear agreement with world powers, which could eventually boost Iran's oil exports by over 1 million barrels per day.

Ukraine-Russia crisis: Oil hits highest since 2014

Russian President Vladimir Putin on Monday (February 21) ordered the deployment of troops to two breakaway regions in eastern Ukraine. In a televised address, Putin ordered to despatch Russian peacekeepers to Ukraine's two breakaway regions - the self-proclaimed Donetsk People's Republic and the Lugansk People's Republic.

Russian President Vladimir Putin on Monday (February 21) ordered the deployment of troops to two breakaway regions in eastern Ukraine. In a televised address, Putin ordered to despatch Russian peacekeepers to Ukraine's two breakaway regions - the self-proclaimed Donetsk People's Republic and the Lugansk People's Republic. The Russia-Ukraine crisis impacted the prices of some of the commodities worldwide. The prices are expected to rise further: Here's a list: Gold Gold prices are already rising globally amid the ongoing conflict and after Putin's latest move to deploy troops to two breakaway regions in eastern Ukraine, the gold hit a near nine-month high on Tuesday (February 22). Spot gold XAU= was up 0.2% at $1,909.60 per ounce by 0332 GMT, after scaling its highest since June 1 at $1,913.89 per ounce earlier. US gold futures GCv1 gained 0.6% to $1,911.50. Jeffrey Halley, who is a senior market analyst at OANDA, said: "With the situation deteriorating seemingly by the day in Eastern Europe, there is very little reason to be negative on gold at the moment." Halley added, "Rising stagflationary pressures around the world are also underpinning the precious metal, a situation that will be exacerbated by massive Western sanctions on Russia if they come to play." ALSO READ | US imposes sanctions on two Russian-backed areas in eastern Ukraine Aluminium The escalating border tensions between Russia and Ukraine could result in soaring prices of Aluminium as Russia accounts for approximately 6 per cent of the global aluminium supply. The conflict could result in a potential supply shock in the aluminium market, which is already tight. In recent days, Aluminum prices have risen about 15 per cent till Feb 21. The prices are near multi-year highs and there's a possibility that it could still rise further. Christopher LaFemini, who is a Jefferies analyst quoted as saying by Oilprice.com that when the conflict ends, aluminium prices might decline but will rise again because the deficit would persist. Oil After Putin's latest announcement, oil jumped to a seven-year high. Important to note that Russia is an oil and gas powerhouse, as the country is pumping about nine million barrels of crude oil a day. Crude - already up more than 20 per cent this year on surging demand - piled higher still on Tuesday, with Brent closing in on the $100 mark for the first time since 2014. Hopes of an Iran nuclear deal, which could see Tehran resume global oil exports, were unable to temper the gains. The jump in oil is compounding worries about inflation around the world, with the Federal Reserve coming under intense pressure to tighten monetary policy to prevent prices from running out of control. ALSO READ | Vladimir Putin orders troops into eastern Ukraine: Key points from his crucial address Natural gas The ongoing conflict could result in much higher prices for natural gas as Russia is a leading producer of natural gas. As per BP data, the country pumped about 639 billion cubic meters of natural gas in 2021, which was nearly 17 per cent of global production of 3.854 trillion cubic meters. West claims that Russia is using natural gas as a tool to take advantage of the crisis situation. The claims also state that Russia delays in the certification of Nord Stream 2, which is a system of offshore natural gas pipelines in Europe, running under the Baltic Sea from Russia to Germany. Copper Russia produced 920,000 tonnes of refined copper in 2021, which is about 3.5 per cent of the world's total, the USGS data tells. As per a report by Oilprice.com, UMMC and Russian Copper Company are the other two major producers. Europe and Asia are two major export markets for Russia and the ongoing conflict is likely to impact exports resulting in higher prices globally. Cobalt The Russia-Ukraine conflict could also result in rising prices of Cobalt. Russia produced 7,600 tonnes of cobalt last year, more than 4 per cent of the world total, as per the data from the US Geological Survey (USGS). ×

These commodities could become super expensive amid escalating Russia-Ukraine crisis

in the face of soaring fuel prices and fears of diminishing energy supplies, US President Joe Biden held a phone call with King Salman of Saudi Arabia. It was the second reported conversation between them since Biden took office. Saudi Arabia is the largest crude exporter in the OPEC oil production group.

Biden, Saudi King discuss global oil supplies, Iran and Yemen

Oil and gas prices have rocketed in recent months as a result of rapid recovery in global economic activity as Covid-19 restrictions have eased, as well as drop in investment in new energy supplies.

Big Oil CEOs warn of high Oil and Gas prices in years ahead

Ahead of resumption of indirect talks between the US and Iran, oil prices have eased today morning which may revive a nuclear deal, it could lead to removal of sanctions on oil sales and it can increase global supplies.

Oil slips from seven-year highs ahead of US-Iran talks

Officials from OPEC countries and their allies agreed Wednesday to continue feeding a modest amount of additional oil into an increasingly tight market, a move that may add new uncertainty to energy markets.

Oil prices rose after the meeting, settling near $90 a barrel for Brent crude, the international standard. Prices have risen about 14% this year alone, adding to inflation and raising living costs for consumers around the world, including in the United States.

OPEC and its allies, known as OPEC Plus, have kept tight control of production over the course of the pandemic as demand has slowly grown. But there are new questions looming — including the possibility that Russia will invade Ukraine, and the chance of a new nuclear deal with Iran that would allow it to start selling its oil on the market.

Analysts at Goldman Sachs warned in a note after the meeting that “the combination of rising geopolitical tensions (Ukraine and Iran) and prices approaching politically sensitive levels are likely to increase volatility.”

Normally, such conditions could prompt expectations that OPEC Plus would seek a substantial increase in output.

The oil ministers, though, decided to stick with a plan, set in July, to increase production next month by a relatively modest 400,000 barrels a day.

But OPEC Plus has consistently fallen short of its targets in recent months, and so analysts say that the result is likely to be an addition of around 250,000 barrels a day, or about 0.25% of global demand.

At this point, Saudi Arabia, still the key decision-maker in OPEC Plus, appears to see no reason to depart from this cautious plan. The Saudis are content to see rising oil revenues replenish their own coffers, and they can argue that geopolitical tensions may be distorting the market.

“While attention is focused on other topics and they are able to say at least some of this increase in prices is driven by geopolitical tensions, then they can avoid having difficult discussions,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm, referring to Saudi Arabia.

The Saudis may also worry that Iran, a potential source of significant additional supplies, may start putting more oil on the market later this year. Oil analysts are growing optimistic that a deal could be reached in the coming months between Iran and Washington over Iran’s nuclear program, leading to some lifting of the sanctions that are crimping the Islamic Republic’s oil sales.

What it will take for Saudi Arabia to loosen up is the subject of much speculation. Stronger arm-twisting by the Biden administration may be required, some analysts say. The de facto leader of OPEC may change its calculations if “conventional war breaks out on European soil and crude prices soar past the $100-a-barrel mark,” wrote Helima Croft, an analyst at RBC Capital Markets, an investment bank.

Analysts say that markets may well heat up further in the coming weeks, especially if conflict over Ukraine threatens to disrupt energy flows. Inventories of oil are well below their long-run averages, creating the risk of price spikes. Any disruption involving Russia, a major oil exporter, would send shudders through the markets.

Officials from OPEC countries and their allies agreed Wednesday to continue feeding a modest amount of additional oil into an increasingly tight market, a move that may add new uncertainty to energy markets.

Officials from OPEC countries and their allies agreed Wednesday to continue feeding a modest amount of additional oil into an increasingly tight market, a move that may add new uncertainty to energy markets. Oil prices rose after the meeting, settling near $90 a barrel for Brent crude, the international standard. Prices have risen about 14% this year alone, adding to inflation and raising living costs for consumers around the world, including in the United States. OPEC and its allies, known as OPEC Plus, have kept tight control of production over the course of the pandemic as demand has slowly grown. But there are new questions looming — including the possibility that Russia will invade Ukraine, and the chance of a new nuclear deal with Iran that would allow it to start selling its oil on the market. Analysts at Goldman Sachs warned in a note after the meeting that “the combination of rising geopolitical tensions (Ukraine and Iran) and prices approaching politically sensitive levels are likely to increase volatility.” Normally, such conditions could prompt expectations that OPEC Plus would seek a substantial increase in output. The oil ministers, though, decided to stick with a plan, set in July, to increase production next month by a relatively modest 400,000 barrels a day. But OPEC Plus has consistently fallen short of its targets in recent months, and so analysts say that the result is likely to be an addition of around 250,000 barrels a day, or about 0.25% of global demand. At this point, Saudi Arabia, still the key decision-maker in OPEC Plus, appears to see no reason to depart from this cautious plan. The Saudis are content to see rising oil revenues replenish their own coffers, and they can argue that geopolitical tensions may be distorting the market. “While attention is focused on other topics and they are able to say at least some of this increase in prices is driven by geopolitical tensions, then they can avoid having difficult discussions,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm, referring to Saudi Arabia. The Saudis may also worry that Iran, a potential source of significant additional supplies, may start putting more oil on the market later this year. Oil analysts are growing optimistic that a deal could be reached in the coming months between Iran and Washington over Iran’s nuclear program, leading to some lifting of the sanctions that are crimping the Islamic Republic’s oil sales. What it will take for Saudi Arabia to loosen up is the subject of much speculation. Stronger arm-twisting by the Biden administration may be required, some analysts say. The de facto leader of OPEC may change its calculations if “conventional war breaks out on European soil and crude prices soar past the $100-a-barrel mark,” wrote Helima Croft, an analyst at RBC Capital Markets, an investment bank. Analysts say that markets may well heat up further in the coming weeks, especially if conflict over Ukraine threatens to disrupt energy flows. Inventories of oil are well below their long-run averages, creating the risk of price spikes. Any disruption involving Russia, a major oil exporter, would send shudders through the markets.

With oil markets tightening, OPEC and its allies agree to small increase in output

A breach of an oil rig pipeline led to a massive oil spill in the Gulf of Thailand due to which a beach in the eastern region was declared a disaster area. The navy is currently working with Star Petroleum Refining Public Company Limited (SPRC) to contain the leak as it said that the main oil mass was still offshore.

The pipeline which leaked is owned by SPRC.&nbsp;

It happened late on Tuesday and was brought under control when an estimated 50,000 litres of oil spilt into the ocean.

Rear Admiral Artorn Charapinyo, deputy commander of the first Naval Area command, while speaking to the reporters said, "We and the company are still working at sea to reduce the amount of oil by cornering the spill and sucking up the oil and spraying dispersant."

<a href="https://www.wionews.com/world/bombogenesis-snow-storm-hits-us-emergency-declared-in-five-states-448741">Also read |&nbsp;'Bombogenesis' snow storm hits US, emergency declared in five states</a>

According to a report by Reuters, about 150 SPRC workers and 200 navy personnel have been deployed to the region in order to clean up the beach.

Also, twelve navy ships and three civilian ships are working to contain the spill at sea.

Earlier, a similar incident took place on the southern California coast and it was described as an "environmental catastrophe" by the mayor of Huttington Beach.&nbsp;

The oil spill left dead fish and birds strewn on the sand and offshore wetlands were clogged with oil.&nbsp;

An estimated 126,000 gallons, or 3,000 barrels, had spread into an oil slick covering about 13 square miles off the Pacific ocean.

The beachside city, about 40 miles south of Los Angeles, was bearing the brunt of the spill.

(With inputs from agencies)

A breach of an oil rig pipeline led to a massive oil spill in the Gulf of Thailand due to which a beach in the eastern region was declared a disaster area. The navy is currently working with Star Petroleum Refining Public Company Limited (SPRC) to contain the leak as it said that the main oil mass was still offshore.

A breach of an oil rig pipeline led to a massive oil spill in the Gulf of Thailand due to which a beach in the eastern region was declared a disaster area. The navy is currently working with Star Petroleum Refining Public Company Limited (SPRC) to contain the leak as it said that the main oil mass was still offshore. The pipeline which leaked is owned by SPRC. It happened late on Tuesday and was brought under control when an estimated 50,000 litres of oil spilt into the ocean. Rear Admiral Artorn Charapinyo, deputy commander of the first Naval Area command, while speaking to the reporters said, "We and the company are still working at sea to reduce the amount of oil by cornering the spill and sucking up the oil and spraying dispersant." Also read | 'Bombogenesis' snow storm hits US, emergency declared in five states According to a report by Reuters, about 150 SPRC workers and 200 navy personnel have been deployed to the region in order to clean up the beach. Also, twelve navy ships and three civilian ships are working to contain the spill at sea. Earlier, a similar incident took place on the southern California coast and it was described as an "environmental catastrophe" by the mayor of Huttington Beach. The oil spill left dead fish and birds strewn on the sand and offshore wetlands were clogged with oil. An estimated 126,000 gallons, or 3,000 barrels, had spread into an oil slick covering about 13 square miles off the Pacific ocean. The beachside city, about 40 miles south of Los Angeles, was bearing the brunt of the spill. (With inputs from agencies)

Thailand beach declared disaster area after 50,000 litres of oil spilt

A group of experts from the United Nations (UN) has arrived in Peru to help address and mitigate the damage caused by the oil spill.

UN delegation arrives in Peru to assess damage caused by oil spill

The global energy market is under pressure amid rising political tensions between Russia and Ukraine. For the first time in seven years, oil prices touched ninety dollar dollars a barrel after surpassing ninety dollars for the first time since October 2014.

Oil prices touch $90 a barrel for the first time in 7 years amid Russia-Ukraine conflict

Oil prices have climbed to their highest. Investors are worried about global political tensions involving major producers such as the United Arab Emirates and Russia that could exacerbate the already tight supply.

Oil hits 7-year high as tight supply bites

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