Gas prices soar to record highs on Ukraine crisis
2 Min Read
As the West imposed sanctions on Russia, the latter did not even have to retaliate to damage the western economy as gas and oil prices surge to levels equivalent to those during economic crises.
-
Gas prices soar to record highs on Ukraine crisis
European and British gas prices surged Friday, reaching record highest as crude oil spiked in light of the Ukraine crisis.
The surges stem from supply fears as sanctions fall on Russia over its special military operation in Ukraine to de-nazify the country and curtail NATO's eastward expansion.
Europe's Dutch TTF gas price spiked at 213.895 euros per megawatt-hour in afternoon trading and UK gas reached 508.80 pence per therm (100,000 British thermal units).
As for crude oil, London Brent North Sea crude rose 4.7%, shooting up to $115.63, nearing its all-time peak of $120 in 2012 just yesterday.
US West Texas Intermediate soared 5.5%, reaching $113.54 per barrel on Friday, one day after nearing its all-time high reached during the 2008 global economic crisis.
US crude oil surged into levels similar to those it reached during the 2008 economic crisis before falling almost 3% on Thursday, marking its first decrease in four days, in light of the West and Iran nearing a nuclear deal that could see Iranian oil making it to the market it was barred from due to Washington's unilateral sanctions.
US crude’s West Texas Intermediate benchmark saw a $2.93 decrease, or 2.7%, reaching $107.67 a barrel. Prices had earlier surged to $116.57, the highest in nearly a decade in a half since the 2008 Global Financial Crisis.
There have been several indications that the US and the West imposing sanctions on Russia would not only hurt Moscow's economy in the long-run but would have extensive effects on the global economy.
