Allegedly Due To Western Sanctions Against Russia, Oil Prices Break USD 100.99 Per Barrel

JAKARTA - Oil prices on international markets on Tuesday, March 1, 2022, jumped above 100 US dollars per barrel, as investors began to take into account the impact of the latest sanctions by European countries on Russia.

Brent crude for April settlement rose 3.06 dollars, or 3.1 percent, to 100.99 dollars a barrel on the London ICE Futures Exchange. Meanwhile, West Texas Intermediate (WTI) for April delivery added 4.13 US dollars, or 4.5 percent, to settle at 95.72 US dollars per barrel on the New York Mercantile Exchange.

"The notable rise in prices was due to the sanctions imposed on Russia by the West, which were further tightened significantly over the weekend", Commerzbank Research energy analyst, Carsten Fritsch, was quoted as saying by Antara, Tuesday, March 1.

The United States, along with Europe and other allies, issued a joint statement on Saturday, February 26, which said they would remove several Russian banks from the Society's Worldwide Interbank Financial Telecommunication (SWIFT) or payment system for most international financial transactions, in response to operations. Moscow's ongoing military operations in Ukraine.

"The move sparked concerns about disruptions to Russia's energy supply", Fritsch said.