Oil, wheat and aluminium jump as sanctions on Russia bite - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Brent crude jumped to near eight-year highs, wheat to 14-year peaks and aluminium hit a record as the Russian attack on Ukraine intensified and Western sanctions disrupted air and sea transport of commodities exported by Russia. RussiaUkraine

maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US.maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, US.

Brent LCOc1 climbed above $113 a barrel to its highest since June 2014, a gain of more than 40% so far this year. “Although oil is not technically under sanction, traders are understandably nervous about taking delivery of Russian crude, let alone storing, shipping and ultimately selling it.” “Global buyers of grains have been increasingly turning to the US, Europe or South America to secure supplies in the immediate term, given the ongoing conflict,” ING said in a note.Dutch gas prices hit an all-time high of 185 euros, a MWh after the UK ordered its ports to deny entry to Russian owned ships and European Union countries considered a similar ban after a halt on air traffic.

 

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