Oil prices are breaking above $110
Prices of oil futures are gaining more than 4.5% so far today amid increasing concerns over the crisis in Ukraine, recent strikes on Saudi Arabian oil facilities and news that Europe and the US are preparing to impose additional sanctions, including a ban on Russian oil imports.
In addition, this morning, Saudi Arabia, the world’s second-largest export of oil, called on the international community to do more to counter Houthi strikes on the kingdom, warning that they could disrupt global energy supplies.
It remains to be seen whether the Europeans will take the plunge, but in the meantime, as the situation worsens, oil prices see a lot of upward risks.
