(New York) The barrel of Brent from the North Sea closed on Friday at 118.11 dollars, a level it had not reached since August 2008, galvanized by the de facto cessation of Russian exports.
The price per barrel of this variety of oil for delivery in May, the most traded in London, gained another 6.92% during Friday’s session.
“This progress proves how sensitive the markets are to the simple idea that the lack of supply is getting a little worse, with the fear of sanctions which would directly target Russian energy exports”, comments Han Tan, analyst at Exinity. .
The Russian invasion of Ukraine continues: the conflict now engulfs the whole country, and bombings have hit the largest nuclear power plant in Europe.
For now, economic sanctions from the West are avoiding the Russian energy sector, but buyers have turned away from this source of crude, fearing a further tightening of the screw.
One hope, however, lifted the price of crude from its highs on Thursday “with news reports pointing to an imminent Iranian nuclear deal, which would add barrels to the market,” noted Markets analyst Neil Wilson. com.
The United States estimated Thursday that a “possible agreement” on the Iranian nuclear power was “close”, but not yet acquired, because questions are still stuck while the days are numbered to obtain a breakthrough.
Negotiators meeting in Vienna to salvage a 2015 deal that was supposed to prevent Iran from acquiring an atomic bomb, which is now moribund, have made “significant progress”, said a spokeswoman for the American diplomacy, Jalina Porter, to reporters.
For the oil market, a deal would mean that US sanctions would be lifted, allowing Iranian exports to partially offset Russian crude.
The other raw materials of which Russia is a major producer did not benefit from this Iranian respite.
The world’s second largest oil exporter, Russia also supplies 40% of European gas. The European market benchmark, the Dutch TTF, took 9.75% to 176.50 euros per megawatt hour (MWh), up 87% over the week.
On the London Metal Exchange (LME), the ton of aluminum reached a new historic high at 3,850 dollars, and that of nickel reached its highest since 2011 at 29,000 dollars.