Crude prices record increases of more than 4% in the middle of the European session trading today, Monday, March 21 At levels of 109.14 dollars per barrel, an increase of about 4.24%, coinciding with the rising fears in the markets that the European Union countries will join the United States of America in the plan to ban Russian oil. European Union governments are studying a way to impose an embargo on Russian oil today, Monday, in a series of meetings with the US government with the aim of escalating sanctions imposed by the West on Russia.
The Russian side, commenting on these statements, stressed that the imposition of the embargo from Europe, if implemented, would harm the balance of energy prices globally, and that the price of a barrel may rise to 300 dollars if the embargo is imposed, according to the statements of Russian Deputy Prime Minister Alexander Novak.
Meanwhile, Houthi attacks on production sites in Saudi Arabia over the weekend continue to support crude prices.
The Kingdom of Saudi Arabia confirmed in an official statement issued a few moments ago that it relinquishes its responsibility for any shortage in oil supplies to global markets in light of these attacks on its oil facilities.
05/11/2024
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