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BREAKING
Information Minister in Pakistani-administered Kashmir: Five civilians killed and at least 29 others injured in shelling across the border with India
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: So he [Trump] decided to cut off contact. That might still change, but that’s the situation right now
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: Trump’s circle told him [Dermer] that Netanyahu was manipulating him, and there’s nothing Trump hates more than being portrayed as someone being played
Senior Palestinian official to Al Mayadeen: Meetings between the Israelis, Egyptians, and Qataris are all centered around the Israeli proposal, which does not guarantee an end to the war [on Gaza]
Senior Palestinian official to Al Mayadeen: “Israel” is threatening to expand the ground offensive if Hamas rejects the proposal
Senior Palestinian official to Al Mayadeen: Hamas rejects the Israeli proposal, viewing it as failing to guarantee an end to the war
Senior Palestinian official to Al Mayadeen: “Israel” is sticking to its proposal, and insists there is no alternative offer on the table for negotiation
Senior Palestinian official to Al Mayadeen: The meetings between the Israelis and the Egyptians and Qataris all revolve around the Israeli proposal
The administration was clearly looking for an off-ramp for this campaign against Ansar Allah, NBC News reports, citing US official
Trump's operation against Ansar Allah cost more than $1 billion, NBC News reports, citing US official

Oil prices hit $120 a barrel, depicting supply shortages

  • By Al Mayadeen Net
  • Source: Agencies + Al Mayadeen Net
  • 3 Mar 2022 15:39
3 Min Read

Oil prices hit a multi-year high.

  • x
  • Crude oil prices have been on the increase.
    Crude oil prices have been on the increase.

Brent crude oil prices have taken a hike to $120 a barrel as Russian exports are disrupted by the wave of sanctions implemented on Russia, with fears arising of Washington slapping sanctions on Russian oil.

The Russian operation in Ukraine triggered soaring oil prices: yesterday, the oil prices surged above $110 a barrel after Russia faced economic damage and isolation. 

On Wednesday, it was noted that the price for May 2022 futures contracts for Brent crude oil increased 5.83% on the ICE Exchange, increasing to $111.09 a barrel. The last time Brent crude prices exceeded $111 per barrel was in July 2014. 

In the past 30 days, Brent crude prices have seen a 37% increase, as the six-month contract's spread hit an all-time-high record which indicates a shortage of supplies.

US West Texas Intermediate crude, in parallel, hit a high of $116.57, which is the highest value since 2008, the year which saw a global economic crisis. The price, then, decreased to $113.12, down 2.3% of the price. 

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This price hike comes as another round of US sanctions targets the Russian oil refining sector, which raises concerns about whether Russian oil and gas exports will be part of the coming sanctions.

Half of all 7 million barrels-a-day of Russian crude oil goes to Europe, as Moscow competes with Saudi Arabia to become the main crude and refined oil exporter in the world. 

Washington has been implementing sanctions on Russia to target and suppress its economy - however, with knowledge of how sanctions on Russian oil will severely disrupt global supply and prices, Washington does not see the wisdom in sanctioning Russian oil exports. 

Read more: Russian gas will not be replaced, EU made huge mistake - Former US colonel

 

Although the US has not sanctioned Russian oil yet, 10 tankers of Russian oil have been left abandoned by the market, according to market sources.

"We expect that Russian oil exports will plunge by 1 million bpd from the indirect impact of sanctions and voluntary actions by companies," said Rystad Energy CEO Jarand Rystad.

"Oil prices are likely to continue to climb – potentially beyond $130 per barrel."

  • United States
  • Sanctions on Russia
  • Ukraine
  • Russia
  • Oil 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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Throughout Operation Prosperity Guardian, current and former US military and intelligence officials expressed disquiet at the enormous “cost offset” involved in battling Ansar Allah. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

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Trump cut off contact with Netanyahu, senior Israeli official says

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