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Ukraine conflict: Petrol, Gold at fresh record as oil and gas prices soar

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Petrol prices have hit another record high as oil and gas costs soar amid fears of a global economic shock from Russia’s invasion of Ukraine.

Oil jumped to $139 a barrel at one point, the highest level for almost 14 years, while wholesale gas prices for next-day delivery more than doubled. It came as the US hinted at a ban on buying Russian energy, as it looked to other countries to increase supplies. However, European leaders rejected that idea on Monday.

German Chancellor Olaf Scholz said Europe had “deliberately exempted” Russian energy from sanctions because its supply cannot be secured “any other way” at the moment. And Netherlands Prime Minister Mark Rutte said: “The painful reality is we are still very much dependent on Russian gas and Russian oil and if you now force European companies to quit doing business with Russia that would have enormous ramifications around Europe including Ukraine but also around the world.

“We have to reduce our dependency. That will take time,” he added. The price of gold, a haven in troubled times for investors looking for security; hit $2,000 an ounce for the first time in almost 18 months. (BBC)


Wednesday, March 9, 2022 – 01:00

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