The price of oil rose on Tuesday morning after the announcement of the intentions of some EU countries to impose sanctions on the import of Russian oil and after attacks on Saudi Arabian oil facilities. The price of Brent rose by 2.9% reaching $118.93 a barrel. US crude rose 2.2% reaching $114.76 a barrel.
The recent rise in oil prices has caused turmoil in global markets due to the rapid increase in metal and grain prices caused by the war in Ukraine, resulting in soaring inflation. "Energy providers are becoming increasingly confident that energy supply shortages are imminent," warns financial analyst Edward Moya. In addition, there are growing fears that the global economy will enter a period of stagflation
(CNA)
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