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Business Maverick: Oil Prices Soar as Russian Embargo Talk Fuels Fears of Supply Shortage

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Oil surged, briefly touching $139 a barrel, in a dramatic start to another tempestuous week after the U.S. said it was discussing a ban on Russian crude imports, fanning supply fears in an already jittery market.

said its oil production fell below 1 million barrels a day because of a political crisis, adding to an already tight supply-demand balance.Brent for May settlement advanced 9.1% to $128.86 a barrel on the ICE Futures Europe exchange at 10:47 a.m. in Singapore.West Texas Intermediate for April delivery gained 8.1% to $125.08 on the New York Mercantile Exchange.

Brent’s backwardation, a bullish structure where prompt barrels are more expensive than later-dated cargoes, rose to $5.24 a barrel, highlighting nervousness about short-term supply. The prompt spread was $3.77 on Friday.warned that the war, as well as the subsequent sanctions imposed on Russia, will have a “severe impact” on the global economy.

 

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