On November 19, Ukraine struck Russia and launched its first long-range missile attack against Russia, the first since the start of the war. Oil markets are starting to worry about this step towards an escalation of the conflict between the two countries. What projections for the price of fuel at the pump?
Oil markets rebound after Ukraine attack
The oil market reacted immediately to the (American) long-range missile strikes carried out by Ukraine against Russian infrastructure on November 20, 2024. These attacks led to a slight increase in the prices of North Sea Brent, which stood at $73.53 (+0.30%), and WTI, at $69.70.noted Le Figaro.
In addition to this attack, production interruptions, such as those recently occurring in Norway at the Johan Sverdrup field, also increase the pressure on prices. Although production has resumed, the short-to-medium term outlook remains marked by increasing geopolitical uncertainty.
What are the prospects for your portfolio?
For motorists, these price variations will result in an increase in prices at the pump. These possible increases come in addition to a tense economic context, where the weakness of the euro against the dollar increases the cost of crude imports.
The forecasts are not encouraging. Equinor, the operator of Norway's first oil field, the Johan Sverdrup, has announced the shutdown of its production due to a power cut. In parallel, the production reductions decided by OPEC+ and the uncertainties linked to the Russian-Ukrainian conflict, particularly regarding Russian infrastructure, the second largest producing country in the world, suggest lasting pressure on fuel prices. n.
