What’s Affecting Oil Prices This Week? (Feb. 28, 2022)

The current state of the Russia-Ukraine conflict will keep the price of Brent crude above $90—while not resulting in significant price spikes, says Statas Advisors in its latest oil price forecast.

John E. Paisie, Stratas Advisors
What’s Affecting Oil Prices This Week? (Feb. 28, 2022)

Stratas Advisors also thinks that the Russia-Ukraine conflict makes a nuclear deal with Iran even more unlikely. (Source: Shutterstock.com)

The price of Brent crude ended the week at $94.56 after closing the previous week at $93.54. The price of WTI ended the week at $91.94 after closing the previous week at $91.66.

The conflict between Russia and Ukraine is a major geopolitical event and the situation remains fluid with uncertainties for the short-term, as well as the long-term. In the short-term it looks like that U.S. and allies want oil and gas from Russia to continue to flow. However, there is likely to be shifts in trade flows with more of Russia’s energy exports going east and less going to the west. We also think that the Russia-Ukraine conflict makes a nuclear deal with Iran even more unlikely. While recent negotiations have provided some hope for some that an agreement will be reached, we remain skeptical that an agreement will be reach anytime soon. Iran is insisting on the removal of all sanctions before resuming compliance with the 2015 agreement. This demand cannot be met by the Biden Administration because a retreat of this nature does not have widespread support in the U.S.

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