Stalled Russia-Ukraine Peace Talks Pushes Higher Oil Prices – 17 March, 2022

Oil prices were on the rise again after slim progress in peace talks between Russia and Ukraine raised concerns of tighter sanctions and a prolonged disruption to oil supply. Brent crude futures was up 2.6% or $2.75 to $109.39 per barrel, having surged nearly 9% on the previous session in the largest percentage gain since mid-2020. U.S. West Texas Intermediate crude futures climbed 2.9% or $2.93 to $105.91 per barrel, adding to an 8% jump the previous session. Both benchmark contracts were set to end the week down about 3% despite the rebound, after having traded in a $16 range.