On Wednesday, oil prices rose further, reaching levels not seen in nearly a decade.
WTI in the United States reached a high of $111.50, the highest since 2013, while Brent crude in the North Sea reached a high of $113.02, the highest since 2014. Both fell slightly during the session, but prices were still up about 5%.
Natural gas and aluminum have also reached all-time highs as a result of the conflict in Ukraine, raising concerns about disruptions in energy and commodity supplies.
Russia is the world’s second-largest crude oil exporter, accounting for more than 40% of the EU’s annual natural gas imports.
Following Russia’s invasion of Ukraine, the European Union and the United States imposed harsh sanctions on Moscow, potentially disrupting supplies.
The Russia-Ukraine conflict occurs at a time when energy and commodity prices are rising as a result of the lifting of Covid-19 restrictions in many countries.
According to World Bureau of Metal Statistics data, Russia was the world’s third-largest aluminum producer in 2021, trailing only China and India.
Turkey, Japan, China, the United States, and the European Union are Russia’s main export markets.
