PNN – Coinciding with the new US decision to issue a license for Ukraine to use American long-range weapons and increasing speculations about the possibility of escalation of tensions in the war in Ukraine, the price of oil increased today in the world markets.
According to the report of Pakistan News Network, Reuters news agency, announcing the increase in the price of oil in Monday’s trading, wrote: In addition to the increase in attacks, concerns about energy demand from China as the world’s second largest consumer and the forecast of a global oil surplus have also affected this price increase.
Currently, reports indicate that Brent oil futures have increased by 18 cents or 0.3% to $71.22 and the price of West Texas Intermediate crude oil has increased by 6 cents or 0.1% per barrel.
This happened after the largest Russian air attack on Ukraine in the last three months, which caused serious damage to the country’s electricity system.
At the same time, following the escalation of attacks, the United States, with a major change in its policy towards the ongoing war in Ukraine, has issued permission to the authorities of Kiev to use long-range weapons to attack Russian territory.
The Kremlin has not yet shown any immediate reaction to this decision, but has previously warned that if such a move is made by Washington, it will consider it a major escalation of the war.
“Joe Biden’s authorization to Ukraine to use long-range weapons to attack Russian territory could have geopolitical implications in the oil market,” said Tony Sycamore, IG market analyst (an online trading provider based in Great Britain).
According to some sources, at least three Russian refineries have stopped or reduced the production process due to heavy losses caused by restrictions on exports.