Oil prices rise over 2.20% 💲

The war in the Gaza Strip and disruptions in the Red Sea continue
Some operations at Novatek's fuel export terminal suspended
Fuel logistics costs on key trade routes have nearly tripled due to disruptions in the Red Sea and the need to extend the route along the coasts of Africa

Oil prices rose by about 2.2% on Monday as investors weighed the impact of wars in the Middle East and Ukraine. Reportedly, over the weekend, the Ukrainian side attacked a major Russian fuel terminal (unconfirmed), reigniting concerns about supply disruptions. This refers to one of the key oil processing plants near Saint Petersburg, specifically in Ust-Luga. Importantly, the plant owned by Novatek also processes gas condensates for aviation fuels and heating oils.

The price of a barrel of oil (OIL.WTI) gained over 2.20% today to $75.25. Source: xStation 5

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commodities

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Oil prices rise over 2.20% 💲

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