Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.
Qatari PM: We must not surrender to the arrogance of extremists and pursue our quest for a 'two-state solution'

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?

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Elon Musk attends a news conference with President Donald Trump in the Oval Office of the White House, Friday, May 30, 2025, in Washington (AP)
Politics

Elon Musk calls for dissolving UK parliament at London far-right rally

Israeli media: US betrayed Qatar, gave green light for attack on Hamas
Politics

Israeli media: US betrayed Qatar, gave green light for attack on Hamas

Leaked memo shows Trump eyeing Louisiana National Guard plan
Politics

Leaked memo shows Trump eyeing Louisiana National Guard plan

Mamdani vows to arrest Netanyahu if elected New York mayor
Politics

Mamdani vows to arrest Netanyahu if elected New York mayor

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS