Oil hits $139 with Russian energy boycott on the horizon

The price of oil (Brent) rose another 18% between last Friday’s close and Monday’s open, reaching $139.13, the highest value since September 2008.

The price per barrel, for late delivery March, Brent oil from the North Sea, which serves as a benchmark for the European market, hit its highest value in almost 14 years, after the United States said it was considering with European allies a ban on imports of Russian crude. The United States imports about 400,000 barrels of Russian crude per day.

“I spoke to the president [Joe Biden] and we are actively discussing with our European allies a ban on Russian oil imports, while maintaining a stable global supply, of course,” Anthony Blinken, US Secretary of State and top diplomatic official, said on Sunday.

The price of natural gas also received a further boost at the start of the week, as well as certain raw materials, such as cereals. In gas, the price of the Dutch TTF, the benchmark for the European market, for delivery in April reached 247 euros per MWh (megawatt hour), around 10:30 a.m. At the start of the day, the price was 220 per MWh. Forty percent of the natural gas imported by Europe is of Russian origin.

The possibility of runaway inflation, with the euro falling against the dollar, is a dreaded scenario in stock markets, which are falling in Europe, in a unique global trend move that has painted Asian stock markets red and is slumping. accompanied by the Lisbon market.