Energy prices rising in Europe

Russia’s operation in Ukraine has resulted in the rise of energy resource prices, as gas price soared by nearly 40% and the price of oil reached USD 105 (EUR 94.18)

On the day of Russian operation, Thursday, February 24, Brent crude oil price hit USD 105 per barrel for the first time since August 2014, following a rise of more than 8% on international energy markets. Russia is the world’s second-largest oil producer and sells most of its crude to European refineries.

It is also the largest supplier of natural gas to Europe, providing about two-fifths of its supply. Dutch futures gas prices, a closely watched measure for European prices, were up 57% on contracts for delivery in March.

Russia and Ukraine are also large producers of important industrial metals such as palladium, nickel and aluminium, which analysts said could be in short supply over the coming months unless the war ends quickly. Russia produces 6% of the world’s aluminium and 7% of its mined nickel, The Guardian reports.

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