ISLAMABAD
\nCrude oil prices hit above $99 a barrel, the highest in more than eight years, before trimming some gains, as fears mounted that supplies would be disrupted due to the Russia-Ukraine crisis.
\nAs of 1330 hours GMT on Tuesday, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $2.06 (+2.16 percent) to reach $97.45 a barrel. Analysts expect Brent crude will reach $100 a barrel in the coming days, amid supply fears. The price was last above that level in 2014.
\nOn the other hand, the US West Texas Intermediate (WTI) price reached $93.71 a barrel, up by $2.64 (+2.90 percent). WTI hit the $95.81 mark during early trading.
\nThe price for Opec Basket was recorded at $92.79 a barrel with a decrease of 2.65 percent, Arab Light was available at $95.91 a barrel with an increase of 4.16 percent and the price of Russian Sokol went up to $97.84 a barrel with 3.33 percent increase.
\nThe oil market is closely monitoring growing tensions between Russia and Ukraine over Moscow\u2019s recognition of the breakaway Donbass republics. There are fears that a potential military conflict or subsequent sanctions against Moscow may lead to disruptions in Russian energy supplies to Europe and the global market.
\nThe European gas prices surged as much as 13% over fears energy supplies could be restricted as the conflict deepens. Russia is responsible for a third of Europe\u2019s natural gas and about 10% of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
\nAccording to experts, the intensifying crisis between Russia and Ukraine has raised concerns about the supply disruptions that would ensue as sanctions look set to cripple Russia, the world\u2019s second largest oil exporter and the world\u2019s top natural gas producer. They said if Russian President Vladimir Putin continues his aggression and the threat of war becomes a reality, oil prices could easily push beyond $100 towards $120 a barrel to fresh highs not seen since 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Crude oil prices hit above $99 a barrel, the highest in more than eight years, before trimming some gains, as fears mounted that supplies would be disrupted due to the Russia-Ukraine crisis. As of 1330 hours GMT on Tuesday, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $2.06 (+2.16 percent) to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-245989","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n