Category : Energy
The European Union is planning to switch payments to the euro for its oil purchases from Iran, eliminating US dollar transactions, a diplomatic source told RIA Novosti.
The geopolitical risk premium in oil has driven crude prices to nearly four-year highs and shows no signs of abating.
Gasoline prices are expected to reach $3 as a national average for unleaded gasoline this summer, a four year high.
Oil prices rose to their highest level since November 2014 faced with geopolitical tensions in the Middle East.
The price of crude oil has risen to an almost three-year high, following US President Donald Trump's unilateral decision.
Although some companies have learned to ride the waves of geopolitics quite efficiently, still in most cases political tensions only complicate the dealings of energy companies.
European markets are set to rise on Thursday morning, as soaring oil prices triggered a broader rally across commodities.
Oil prices rose on Tuesday, as support from the possibility of supply disruptions and a strong equities market offset the effects of profit-taking following last week's rally above three-year highs.
Good news for Saudi Arabia, but hurdles remain.