Tuesday, May 28, 2024

Global Oil Price 14-Year High Above $139

The Stock markets fell recently, but metals prices rose to new highs and oil prices surged, when the United States threatened to impose an embargo on Russian crude, a move that Europe strongly opposed.

After a 4% drop in Hong Kong, European markets seesawed, with Frankfurt dropping 2% in the day while London and Paris kept losses in a smaller band.

However, two hours into a tense day, Wall Street was down slightly over 1.5 percent as traders monitored the state of talks and discussions between the opposing parties. Further, a third round of talks between the warring neighbours was held on the 12th day of the conflict, but Kyiv rejected Moscow’s offer of humanitarian corridors that would transport evacuees from bombed cities into Russia and Belarus.

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