Oil prices jump as shortfall increases

Oil jumped nearly 3% on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, escalating the war in Ukraine and raising concerns of tighter oil and gas supply. Brent crude futures rose $ 2.26, or 2.5%, to $ 92.88 a barrel by 10.51am GMT. US West Texas Intermediate crude was at $ 86.09 a barrel, up $ 2.15, or 2.6%. Putin said he had signed a decree on partial mobilisation beginning on Wednesday, saying he was defending Russian territories and that the West wanted to destroy the country. Start the conversation Have your say. Leave a comment below and let us know what you think. “The partial mobilisation is definitely a bullish factor as it increases the risks of a prolonged war in Ukraine,” said Viktor Katona, lead crude analyst at Kpler.

Oil soared and touched a multiyear high in March after the Ukraine war broke out. EU sanctions banning seaborne imports of Russian crude will come into force on December 5.