Oil prices rose sharply after reports that Ukraine stopped its transit to Hungary, the Czech Republic and Slovakia

The price of Brent crude for the first time in a week exceeded $98 per barrel.

The cost of October futures for Brent crude on the London Stock Exchange rose by 1.6% to $98.15 per barrel, according to the website data at 14:10 Moscow time. Oil of this brand is trading above $98 per barrel for the first time since August 3.

By 14:51, the Brent price corrected to $97.98 per barrel.

Also, futures prices for WTI crude oil for September delivery on the New York Mercantile Exchange rose 1.5% to $92.15 per barrel.

Oil prices rose sharply after reports that Ukraine has stopped the transit of oil through its territory since August 4 due to non-receipt of funds for these services, as the Ukrainian company explained that it provides oil transportation services only on a 100% prepayment basis. , and when Transneft makes the Russian payment for the transit of Russian oil to the territory of Ukraine, which was carried out through Gazprombank, was returned in connection with the entry into force of the seventh package of European sanctions against Russia. Consequently, the Ukrainian company stopped providing oil transit services due to the lack of cash receipts for these services.

Source: RBC

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