The price of oil has risen as major producers agreed to continue to cut output and the G7 and its allies announced they plan to cap the Russian oil price.
The European Central Bank has announced a record increase in Eurozone interest rates in an attempt to fight inflation. It’s lifted all of its main rates by ¾ of a percentage and said that a further rise could be expected later this year.
Prices are rising, and so are profits. The impending energy crisis is dominating headlines across the UK, with bills predicted to rise to more than £4,000 for households.
On Wednesday, US sources said the Biden administration is considering releasing up to 180 million barrels of oil across several months from the Strategic Petroleum Reserve (SPR) in a bid to lower fuel prices.
The grounded cargo ship Ever Given is forcing firms to reroute cargo from the Suez Canal for weeks to come.