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BREAKING
The Mujahideen Movement: The two were killed along with dozens of others from their family in a cowardly Zionist assassination that targeted the Sabra neighborhood today
The Palestinian Mujahideen Movement mourns the martyrdom of its Secretary-General, Asaad Attiya Abu Sharia "Abu Al-Sheikh", along with his brother Ahmad
Abu Zaid: I believe that the Iranian operation was multi-layered, combining cyber and electronic attacks with coordinated on-the-ground infiltrations by agents
Abu Zaid: Usually, archives of such sensitivity are typically protected by a full-scale security system, but it appears that Iranian intelligence managed to make use of a gap in it
Strategic military expert Nidal Abu Zaid: Iran has stripped "Israel" of the superiority and deterrence long boasted by its security minister, chief of staff, and other top officials
Fallahpour: Iran may use these documents in its battle with the United States and Western countries over its nuclear program
Fallahpour: Iran may have obtained additional documents related to "Israel's" regional projects, not just its nuclear program
Fallahpour: The coming weeks will be full of surprises, as Iran has forced Israeli intelligence agencies into a state of psychological exhaustion
Al Mayadeen's correspondent in Tehran, Siavash Fallahpour: Iran has redefined the concept of deterrence, shifting it away from traditional military balance toward a new strategic framework
Sources to Al Mayadeen: Number of documents so great that merely studying them, along with accompanying images and footage will require a great deal of time.

Gas, oil, aluminum prices skyrocket amid Ukraine crisis

  • By Al Mayadeen Net
  • Source: Agencies
  • 24 Feb 2022 10:32
2 Min Read

Just as the military situation between Russia and Ukraine escalates, so do commodity prices.

  • x
  • The economy is not safe from the current events. (Bloomberg)
    The economy is not safe from current events. (Bloomberg)

European gas prices are already up 35%, as the Ukraine crisis escalates into a military confrontation just a while after Russian President Vladimir Putin announces the launch of a special military operation and Zelensky announces a state of martial law. 

While Russia supplies Europe with about 40% of its gas, the old continent is vulnerable to the consequences of the conflict, which they themselves - NATO members - have been participating in. 

While there were plans that Qatar would provide natural gas to Europe - even at the expense of already providing customers in Asia - the oil-rich producer does not have a surplus and could not fill in the supply gap.

In parallel, some major oil importers have been pressuring OPEC+ to pump faster and to pressure Saudi Arabia, among others, to provide Europe. 

However, Qatar and Saudi Arabia are allied with both Washington and Moscow: Nevertheless, despite both having US military bases, their relationship with Russia has grown substantially over the years.

"Saudi Arabia sees great value in keeping Russia as a partner in OPEC," said Ben Cahill, a senior fellow at the Center for Strategic and International Studies.

During the gas summit in Doha, Qatar contended that much of the record gas prices in Europe is primarily due to its lack of investment in Gulf gas before the Ukraine crisis started - Qatar has been demanding supply contracts for 25 years.

Aluminum prices, in addition, have hit a record-high price just after the launching of the attack: prices jumped as high as $3,382.50 per tonne, breaking the previous record of $3,380.15, which was reached in July 2008 during the worldwide financial crisis.

Russia produces about 6% of the world's aluminum.

Meanwhile, oil prices are up over 5% with Brent Crude, just over 100$ which hasn't been seen since September 2014. 

Read more: Oil prices jump after recognition of Lugansk and Donetsk

 

As the US, Australia and European allies impose further sanctions on Moscow, it is only expected that these prices go up. 

  • Ukraine
  • Russia
  • Oil prices
  • Aluminum prices
  • Gas prices
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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