Oil prices surge with rising Ukraine-Russia conflict
Date
11/21/2024 8:02:39 AM
(MENAFN) Oil prices surged on Wednesday after reports of Ukraine attacking Russia with long-range missiles, while worries about a possible US Federal Reserve (Fed) volume pause and robust US dollar curbed obtains.
The global oil benchmark of brent crude increased 0.12 percent to USD73.23 per barrel at 11.10 a.m. local time (0810 GMT), up from the prior session's end of USD73.14.
The US benchmark West Texas Intermediate further rose by 0.14 percent to USD69.42 per barrel, compared to USD69.32 at the previous session's end.
Tensions increased among Russia and Ukraine following global media released that the Joe Biden administration granted Kiev approval to consume long-range American missiles on Russian territory for a short period.
The Russian Ministry of Defense declared Tuesday that Ukraine attacked the Braynsk area of Russian territory at night with 6 American-made long-range tactical ATACMS weapons.
The ministry report stated that the weapons were blocked by S-400 and 'Pantsir' air defense weapon systems.
In addition, Russian Leader Vladimir Putin accepted the doctrine that permits his nation to respond with nuclear missiles if it is attacked by ballistic weapons.
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