Asian LNG prices surge as buyers shun Russian gas: Al Attiyah Foundation – The Peninsula

Asian LNG prices surge as buyers shun Russian gas: Al Attiyah Foundation – The Peninsula

Doha: Oil surged on Friday, ending the week at multi-year highs as Russia’s invasion of Ukraine intensified and oil buyers avoided barrels from Russia. Brent futures rose $7.65, or 6.9%, to settle at $118.11 a barrel, while U.S. West Texas Intermediate crude (WTI) rose $8.01, or 7.4%, to end at $115.68. Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. Oil surged throughout last week as the United States and allies heaped sanctions on Russia that, while not aimed at Russian oil and gas sales, nonetheless squeezed its industry, and threatens a growing supply crunch in coming months. Russia exports 4 million to 5 million barrels of oil daily, making it the second-largest crude exporter in the world after Saudi Arabia. Meanwhile, the Biden administration, under pressure from lawmakers, said it is considering options for cutting U.S. imports of Russian oil even as it tries to minimize the impact on global supplies and on consumers. Britain will look to target Russia’s energy sector in future rounds of sanctions, its foreign minister said Friday. The government has resisted this move so far, due to concerns that it