07 March 2025: 16:30 GMT
Just as we’re getting used to the 60s, Brent clambers back up above $70. That was even before Trump threatened more sanctions on Russia. If Putin doesn’t get to the table with Zelenskyy, further sanctions could be imposed on Russian banking. Honestly, he sounded like an exasperated parent shouting at his kids to stop fighting. And then the threat of sanctions – quite a reversal from Trump’s previously rather warm disposition towards Russia – gave flat price another leg up and it made a break for $71! But then: peace time! Nearly. Hopefully. Putin is apparently ready to agree a ceasefire, with certain conditions. As one witty trader said, this is neither a bull nor bear market: it’s a kangaroo market! Maybe a kangaroo with ADHD getting distracted by one thing and another, back and forth, closing at $70.61/bbl.
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