Oil prices continued to climb on Friday, as supply fears remained elevated amid an ever-intensifying Russia-Ukraine war.
Oil prices were headed for the biggest weekly gain in nearly two years, with prices elevated again Friday as Russia’s war on Ukraine intensified, leading to an earlier fire at a nuclear plant.
Prices... Oil prices were headed for the biggest weekly gain in nearly two years, with prices elevated again Friday as Russia’s war on Ukraine intensified, leading to an earlier fire at a nuclear plant. Prices of oil and several other commodities have surged since Russia’s invasion of Ukraine that began more than a week ago. On Friday, Russian shelling triggered a fire at Europe’s biggest nuclear power plant, Zaporizhzhia plant in the city of Enerhodar.
Oil bounced around on Thursday following reports of an agreement on a renewed nuclear deal with Iran, but investors remain fixated on a scramble for barrels of oil. That excludes Russian oil, which is also putting a strain on global supplies, as market participants shun supplies from that country.Moody’s warned Friday that the Russia-Ukraine war was raising risks for the global economy and increasing inflationary pressures through higher prices from key commodities including oil.
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