BNO - Oil tears higher amid Ukraine tensions and attacks across Saudi Arabia

The rebound in oil prices is continuing this morning as the war in Ukraine approaches the end of its first month with no conclusion in sight. WTI crude futures (CL1:COM) soared overnight, climbing as much as 5% to over $108 a barrel, after falling to as low $93/bbl last week (from $130 the week before). Russia is now turning to more destructive weaponry in Ukraine as the latter rejected a demand to surrender the besieged southern port city of Mariupol. Other catalysts: The EU is considering whether to impose an oil embargo on Russia, which could prompt Moscow to close flows on the Nord Stream pipeline that helps provide the 27-country EU with 40% of its natural gas needs. It comes after Qatar agreed to work on supplying Germany with LNG as it seeks to reduce its long-term dependence on Russian imports. Houthi rebels also unleashed a series of drone and missile

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Oil tears higher amid Ukraine tensions and attacks across Saudi Arabia