International Oil Prices Soar 26% in a Week... WTI Hits $115 Range
[Asia Economy New York=Special Correspondent Joselgina] International oil prices surged again on the 4th (local time) following news of Russia's attack on the Zaporizhzhia nuclear power plant in Ukraine. West Texas Intermediate (WTI) crude oil prices have risen more than 26% this week alone, reaching the $115 per barrel range.
On the same day at the New York Mercantile Exchange (NYMEX), April delivery WTI closed at $115.68 per barrel, up 7.4% ($8.01) from the previous day. This is the highest closing price since September 22, 2008.
The weekly price increase of WTI reached 26.3%, the largest since April 2020, during the early stages of the COVID-19 pandemic.
On the same day, May Brent crude oil on the London ICE Futures Exchange also traded up 6.9% ($7.64) at $118.10 per barrel.
Geopolitical tensions surrounding Ukraine have escalated, and concerns that Western sanctions could disrupt crude oil exports have driven international oil prices higher. In particular, news that Russian forces attacked Ukraine's largest nuclear power plant in Europe also contributed to the upward pressure on oil prices.
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The previous day, the U.S. Congress announced plans to introduce the 'Russia Energy Import Ban Act,' which would prohibit imports of Russian oil.
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