Crude Oil: futures jumped back above $112 per barrel on Friday following reports that smoke was visible from a nuclear power plant in Ukraine, the largest in Europe,
After Russian troops attacked. The move came after the UK oil benchmark slid from a decade-high and closed at $110.46 on Thursday amid speculations of a deal with Iran that could allow it to increase crude exports.
Iran can reach its maximum oil production capacity in less than one or two months if sanctions are lifted, according to oil minister Javad Owji. Crude markets have experienced extreme volatility since Russia’s invasion of Ukraine,
As a rapidly deteriorating situation and sweeping sanctions stoked fears of further supply disruptions.
The US took aim on Wednesday at Russia’s oil refining sector with new export curbs, but has so far stopped short of targeting Russia’s oil and gas exports amid concerns over energy prices