The Price of Oil Continues to Rise.
London, Tuesday, 22 February 2022 -
On Tuesday morning, WTI oil futures were trading at roughly $93 per barrel, after surging more than 4% to a nearly seven-year high of around $96 earlier in the session on concerns about possible supply disruptions amid growing tensions in Europe.
President Vladimir Putin recently deployed troops into two Moscow-backed separatist regions of eastern Ukraine after stating that he would recognize their independence, a move that has already prompted Western governments to impose sanctions.
Meanwhile, investors were keeping a close eye on efforts to resurrect the 2015 Iran nuclear deal. According to analysts, a hypothetical deal could add more than 1 million barrels of Iranian crude to the market per day.
(Reporting by: The Decision Maker – Banking & Finance editors)