Oil prices rise due to the tragic circumstances in Ukraine

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The tragic circumstances in Ukraine and consequential sanctions placed upon Russia by the British government have caused a surge in fuel prices. Britain decided on Monday 28th February to deny entry to British ports to all ships that are Russian owned, operated, controlled, chartered, registered, or flagged.

Traders are now shunning Russian oil which is cutting off a large supply to Britain. Additionally, the OPEC+ grouping nations have not agreed to increase production, which has added further strain and increased supply concerns.

Since Wednesday 23rd February, we have so far seen increases of 50ppl.

Macmillian Coffee
Morning