{"id":109382,"title":"Oil prices reach a nine-month peak due to tensions in the Black Sea.","publisher":"Share Talk","author":"sharetalk","published":"2023-08-09T14:21:49+00:00","modified":"2023-08-09T14:21:49+00:00","canonical_url":"https://www.share-talk.com/oil-prices-reach-a-nine-month-peak-due-to-tensions-in-the-black-sea/","markdown_url":"https://www.share-talk.com/oil-prices-reach-a-nine-month-peak-due-to-tensions-in-the-black-sea.md","json_url":"https://www.share-talk.com/oil-prices-reach-a-nine-month-peak-due-to-tensions-in-the-black-sea.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["Black Sea","Brent Crude","china","EU","European","European Union","exports","Far East","G7","gas","Japan","Liquified","LNG","oil","Russian","Sakhalin-2","Saul Kavonic","Share Talk","South Korea","Ukrainian"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Amid concerns about oil supplies navigating the Black Sea, oil prices soared to their peak in almost nine months.\n\nBrent crude, the global standard, rose 0.8% today, nearing $87 per barrel, while the US-based West Texas Intermediate increased by 0.9%, surpassing $83.\n\nThe latter has surpassed its previous high for this year set in April, marking its top level since November 2022.\n\nThe spotlight has intensified on potential disruptions to Russian oil shipments from the Black Sea, following Ukrainian President Volodymyr Zelenskiy’s statement of potential retaliation against Moscow’s attempts to “block our waters.”\n\nThis comes after a Ukrainian drone targeted an oil tanker over the past weekend.\n\nThe atmosphere in the region has grown tense since Russia’s exit from the Black Sea grain accord, which ensured safe transit for ships via this critical trading corridor.\n\nSince late June, there’s been a steady increase in oil prices. This week, UK drivers experienced the most significant weekly surge in fuel costs in over a year.\n\nOle Hansen, the chief commodities strategist at Saxo Bank, commented, “Persisting threats to Russian oil exports due to Black Sea tensions are evident.\n\nThe generally positive trend remains solid even with growing concerns about the Chinese economic outlook."}