Ukraine’s suspension of Russian oil to Eastern Europe sent oil prices soaring Tuesday morning, after Russian oil company Transneft announced Ukraine had not received transfer fees for the oil for nearly a week due to Western sanctions, renewing fears of supply shortages. Oil prices rise 1% Tuesday as Russian oil pipeline is halted to Eastern Europe. For instance Brent Crude Oil shot up 1.13% Tuesday morning, hitting $97.78 per barrel, while West Texas Intermediate increased 1.3%, to $92.06, following the announcement from Transneft, Russia’s pipeline monopoly. Do you think the rise in oil prices is likely to cause global recession ?
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