Oil rises amid sanction threats against Russia

Oil drilling rigs

Oil prices edged up today, April 18, amid supply concerns on the back of worsening crisis in Ukraine and the possibility of tougher Western sanctions against Russia.

Brent crude was trading up 0.21% at $111.94 per barrel, at 10.00 am GMT. The international benchmark slumped 4.2% yesterday.

West Texas Intermediate (WTI) crude rose 0.13% to $107.09 a barrel.

Meanwhile, Russia’s Deputy Prime Minister Alexander Novak said if more nations banned Russian energy flows, prices may “significantly exceed” historic highs.

Two Libyan ports have been forced to stop loading oil after protests against Prime Minister Abdul Hamid Dbeibah, with output halted at El Feel field.

Oil prices rose more than 2.5% last week, ahead of Easter holiday, due to the possibility of the European Union imposing a ban on Russian oil imports.