Wednesday, October 15, 2025

Latest

Crude Oil Jumps Above $120 as EU Members Stall on Russian Oil Embargo, Shanghai Eases Covid-19 Restrictions

Crude prices hit a two-month high this week, as China continued to ease Covid-19 restrictions and the EU failed to come to a consensus on a Russian oil embargo.

Brent crude continued its rally on Monday topping $120 per barrel— the highest since the end of March, after Shanghai officials announced that manufacturing activity could resume starting in June, citing an improvement in the Covid-19 outbreak. At the same time, the European Union has yet to reach a unilateral agreement on banning Russian oil imports, particularly after Hungary refused to compromise despite assurances from other EU members that its oil supplies would not be subdued as a result.

In fact, the recent jump in prices puts crude on the sixth straight month of gains, for the longest such streak in over ten years. The recent jump in oil prices comes in response to the conflict in Ukraine, coupled with a rise in demand as economies continue to recover from the Covid-19 standstill. Likewise, the summer driving season in North America is well underway, sending gasoline prices to all-time record-highs.

The sharp increase in energy prices has also sent global inflation to historic highs, prompting central bank policy makers to impose more hawkish monetary policies even if it risks sending economies into a recession.


Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

UK Anti-Russia Protestors Spread Paint Colours Of Ukraine Flag In Front of Russian Embassy

Paint in the colours of the Ukraine flag were ‘spilled’ on a street in front...

Thursday, February 23, 2023, 11:17:03 AM

Russian Commodities Firms Turn to Stablecoins to Evade Sanctions

Russian commodities firms have begun utilizing stablecoins, such as Tether Holdings Ltd.’s USDT, to facilitate...

Wednesday, May 29, 2024, 03:50:00 PM

Global Economic Output to Surpass $100 Trillion For First Time Ever in 2022

Global GDP levels are now forecast to exceed $100 trillion come next year, as economic...

Tuesday, December 28, 2021, 12:58:00 PM

Far-Right Parties in Europe Stake Claims on Ukrainian Territories

Political tensions in Eastern Europe have escalated as the Hungarian far-right party Our Homeland, led...

Monday, January 29, 2024, 04:08:00 PM

America’s Economic Productivity Slumps to Weakest Since 1947 While Labour Costs Soar

America’s economy is falling behind. US productivity fell by the most on record in the...

Wednesday, August 10, 2022, 03:44:00 PM