The price of the West Texas Intermediate oil barrel on the Nymex New York market increased by 0.57 percent, reaching $ 63.05. Meanwhile, Brent on the London Ice Stock Exchange recorded an increase of 0.32 percent, which gives $ 67.34. for a barrel.
During a Sunday conversation with journalists, Trump criticized European countries for continuing the purchases of oil from Russia and their low commitment to sanction policy. He emphasized that American sanctions will be introduced only if Europe fulfills the tightened criteria. The president pointed out that NATO countries he contacted “they know he is right” and expects them to be more involved.
– Europe must take a grip. They buy oil from Russia, and the sanctions they apply are not harsh enough – said the US president, also referring to the purchase of Russian gas and re -exported raw materials.
As analysts notice, although most European countries have limited the purchases of oil from Russia, some countries, such as Hungary or Türkiye, are still commercial exchange with Russian suppliers. Meanwhile, other key events, such as the escalation of tensions in the Middle East or attacks on Russian refineries, also attracted the attention of investors.
Tensions in the Middle East
Last week brought new turmoil, after Israel conducted an air attack on Doha, the capital of Qatar, aiming at Hamas leaders. However, the raid did not have the intended effect, which did not stop the wave of criticism towards Israel by the UN, Arab States and other international players.
Qatar announced the organization of the summit of the region countries, which will take place on Monday in Dosze. The participation was announced by, among others President of the Palestinian Authority, Mahmud Abbas, as well as the leader of Iran and Turkey. A unanimous resolution is expected to condemn Israel's actions, in which the accusation of “brutal attack threatening the perspectives of peace in the region” is to fall.
Ukraine's attack on a Russian refinery
Escalation also occurred on a different front – the Ukrainian forces conducted an effective attack on the second largest Russian oil refinery in Kirisza, located over 800 km from the border with Ukraine last night. The plant, which is a key fuel supplier into northwestern Russia, processes over 20 million tons of oil per year and produces dozens of fuels, also used by the Russian army.
The precise actions of Ukrainians are interpreted as a response to early aggressive steps of Russia towards Ukraine and continuation of activities destabilizing the Russian energy economy. The attack on the refinery in Kirisza can affect the further behavior of investors in the oil market, adding additional variability to raw material price fluctuations.
