Russia-Ukraine Situation Continues to Reflect on Oil Prices

After the rejection of the statements regarding the progress in the Russia-Ukraine talks, oil prices started to follow an upward path again. From the past to the present, Russia's war on Ukraine has taken its place on the list of important geopolitical crises that have caused major blows to the global oil markets.

Oil prices continue to be determined by the developments regarding the Russia-Ukraine war. After the Kremlin's statement, US-type crude oil, which increased by more than 8 percent on Thursday, rose to $105 on the new trading day. Brent oil was also traded at $108, with an increase of nearly 2 percent.

After the Kremlin's statement that no progress was made in the negotiations, oil prices started to rise again. The markets continue to increase their movements with every development in the war. The volatility in the price of US crude oil was nine dollars and five dollars in Brent crude oil.

Statements concerning the supply side of oil were included. Libya noted that OPEC should increase production to slow the energy crisis. Saudi Arabian Crown Prince Mohammed bin Salman also told Japanese Prime Minister Kishida that the kingdom is determined to maintain balance and stability in the oil market.

Kremlin Spokesman Dmitry Peskov stated that the negotiations with Ukraine are expected to continue and that the negotiators on the Ukrainian side are not in a hurry and said, "The FT's news of progress in talks with Ukraine is not entirely true. There are some points that are true, but we cannot say that they are all true."

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