The oil prices They continued to rise on Monday, driven by the progressive lifting of health restrictions in Shanghai, tensions over gasoline supply and the announcement of Sweden’s request to join NATO.
The price of a barrel North Sea Brent for July delivery ended up gaining 2.41% at $114.24.
While the West Texas Intermediate (WTI) for June rose 3.35% to $114.20, its highest level in nearly two months.
Black gold’s rally is due to “a combination of factors,” Kpler’s Matt Smith explained.
For the analyst, it was the announcement of Sweden’s next application for membership in NATO that ended up boosting crude oil.
This initiative, which arouses “concern” in Moscow, according to the Russian authorities, was added to other factors that played on the mood of the operators.
“It would appear that we are approaching a sort of embargo” by the European Union on Russian oil imports, Matt Smith summed up.
Hungary continues to oppose the European embargo project and demands financial aid to be able to abandon Russian oil. The talks will continue, said the head of European diplomacy, Josep Borrell, on Monday.
Finally, persistent pressure on the supply of refined products, particularly gasoline, contributed to the increase.
On Monday, the price of gasoline in the United States broke a new record, at $4,483 a gallon (3.78 liters).
This additional pressure comes at the height of the maintenance period for many refineries in the United States and Europe, which limits production capacities.
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