Oil prices rose 2 percent in international markets again after Russian President Vladimir Putin announced partial military mobilization and uncertainty over oil and gas supplies.
According to news agency Reuters, on Wednesday (September 21) at 1:07 pm Bangladesh time, the price of crude oil benchmark Brent in the international market increased by 2.28 percent or 2.5 percent to 92.9 zero US dollars per barrel. Where it decreased by 1.38 percent the previous day.
On the other hand, the price of US West Texas Intermediate (WTIE) rose by 2.22 percent or 2.6 percent to 86.16 dollars per barrel.
President Putin said he had signed a decree on partial mobilization beginning Wednesday. He said that he is ‘protecting the territories of Russia and the West wants to destroy the country’.
Warren Patterson, head of commodity research at ING, said Russian energy supplies would add to the uncertainty. He also said the move could call for tougher decisions against Russia in the wake of sanctions from the West.
Oil prices have risen to record highs since the start of the Ukraine-Russia war in March.
The decision to stop the import of crude oil from Russia under the European Union sanctions will come into effect from December 5.
The price of crude oil in the world market is still dependent on the dollar. However, Russia decided to sell oil in rubles after the invasion of Ukraine. As a result, there has been a kind of instability in the international oil market for the last six months.
On February 24, Russia launched an invasion of Ukraine. Oil prices then surged 40 percent to a 14-year high. Experts had previously expressed fears that the oil market would become unstable if Russia attacked Ukraine.
Due to the Ukraine-Russia war, not only the price of oil, but the price of all commodities has increased. Import and export activities are disrupted.
Meanwhile, world leaders at the United Nations meeting in New York condemned Russia’s aggression in Ukraine. Referendums are reportedly being held in four regions of Ukraine controlled by Russia-backed separatist groups and Moscow. This alleged vote was organized to join Russia. Western leaders strongly condemned this issue.
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