Oil drilling rigs
Oil prices were stable on Wednesday after US President Joe Biden announced sanctions against Russia due to escalating tensions over Ukraine.
Biden highlighted that the sanctions were the first step and they will be tightened if Russia continues its “continues its aggression.”
Russian President Vladimir Putin said, on Feb. 23, that the country’s interests and security are two issues that are not up for negotiation. He said Moscow is ready to search for diplomatic solutions to the Ukraine crisis.
“There’s still considerable risk that oil prices may surge above $100 a barrel” if the situation in Ukraine escalates, Bloomberg reported, citing Vivek Dhar, Director of Mining and Energy Commodities Research at Commonwealth Bank of Australia.
In terms of trading, Brent crude was trading at $96.85 per barrel, at 9.07 am Makkah time. The international benchmark soared to $99.50 in the previous session, marking the highest level since September 2014.
West Texas Intermediate (WTI) crude was trading at $91.81 a barrel.
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