Oil prices skyrocket around the world as result of Russia-Ukraine conflict, sanctions
SCMP, 08 Mar 2022
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Oil prices surged above US$130 a barrel during trading on March 7, 2022, the highest level seen in almost 14 years. The spike came a day after the US said it had discussed the prospect of an embargo on energy exports from Russia as a further economic penalty on Moscow for its invasion of Ukraine starting February 24. Global oil prices eased somewhat after Germany’s new chancellor, Olaf Scholz, pushed back against comments from a US official about a potential Russian energy import ban. The rising prices have been felt around the globe including in Asia, where economies are still trying to recover from the pandemic. Market analysts said India, Thailand, South Korea and Vietnam are likely to be hit hardest.
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Oil prices surged above US$130 a barrel during trading on March 7, 2022, the highest level seen in almost 14 years. The spike came a day after the US said it had discussed the prospect of an embargo on energy exports from Russia as a further economic penalty on Moscow for its invasion of Ukraine starting February 24. Global oil prices eased somewhat after Germany’s new chancellor, Olaf Scholz, pushed back against comments from a US official about a potential Russian energy import ban. The rising prices have been felt around the globe including in Asia, where economies are still trying to recover from the pandemic. Market analysts said India, Thailand, South Korea and Vietnam are likely to be hit hardest.
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