Oil Prices Are Rising

Oil prices have been on the rise for 4 days in a row due to the oil embargo imposed on Russia by the member states of the European Union. In the morning hours of today, it was recorded that the price of Brent oil per barrel had reached its limit of 120 dollars.

The news of EU member states' stopping oil and gas imports from Russia caused oil prices to rise in international markets. Concerns caused by the supply crisis and supply-demand imbalance that will be caused by an embargo in the world oil market, which will mean the withdrawal of millions of barrels of Russian oil from the market, have increased the May futures for Brent oil to 119.48 dollars/barrel on ICE today. The price is currently hovering around $118.98, up $3.36 from yesterday.

Gold prices held steady as US Treasury bond yields soared to a multi-year high following Fed Chairman Jerome Powell's pro-tightening statements. The ongoing conflict between Russia and Ukraine also contributed to gold's allure as a safe haven.

The price of gold in the spot market remained flat at $1,936. Gold futures in the United States rose 0.4 percent to $1,937.