An oil price surge happened last Thursday, costing $90 a barrel from 2014 when the last increase occurred, that can be credited to the Ukraine standoff in eastern Europe.
Concerns about the steadiness of the supply and a cold front across the US caused the price increase.
The Global benchmark for Brent crude was at $91.11 a barrel, West Texas Intermediate crude settled at $90. 27 was the highest from October 6, 2014.
Ukraine Border Tension Pushes Oil Prices Up
One of the key factors in the development at the border between Kyiv and Moscow, the west accuses Russians of ill intentions but is defensive.
The claim of the US that Russia will engineer a situation to invade the Ukraine border as a reason for rolling over the border was denied as nonsense and untrue, reported the Express UK.
Washington, according to the Kremlin, is trying to provoke a conflict. Russia's President Vladimir Putin called out NATO and the US as instigating moves despite the request to move back western forces. Moscow wants the west to stop moving to eastern Europe.
According to media, developments in the Middle East, including Turkey restarting discussions with Israel to supply the European Union with natural gas, noted the Times of Israel.
The Daily Sabah remarked that Turk President Recep Tayyip Erdogan stated that Turkey and Israel might export natural gas that can be used by the country or work together to supply Europe with the energy. But the oil price surge shows the influence of the turmoil in the Ukraine standoff.
Ankara, Jerusalem Relationship
Both middle eastern nations have not been on good terms, especially in 2018 when problems happened when the Turkish regime called out Israel due to its actions in the West Bank, especially how Palestinians were treated unjustly. But Jewish leaders demanded that any support for Hamas by Ankara in the Gaza Strip must end.
Tension in 2018 between the two governments led to kicking out their ambassadors due to fighting in the Gaza Strip again. Israeli forces were accused of killing Palestinians.
In 2020, Erdogan went across differences and asked his counterpart in Israel to fox differences. But his government officially was not agreeable to the policy regarding Palestinians.
The two are now discussing how to fix relations and perhaps work together in supplying natural gas to Europe, as their supply could be shut off at any time.
Early in the week, the Turkish leader, in a statement, said that President Isaac Herzog of Israel would make a state visit to Ankara next month. On top of their agenda will be energy cooperation, an important topic to discuss in the face-to-face meeting.
US Interferes With Middle East Energy Programs
Washington did not confirm its support for a proposed EastMed natural gas pipeline originating from Israel and ending in Europe. According to The Jerusalem Post, Turkey is not included but involves Israel, Cyprus, and Greece, not including Ankara in the EastMed project is not acceptable to Erdogan if Turkey is not involved in any energy development in the Eastern Mediterranean region.
In a report last January, he said the US wants Turkey involved in the gas pipeline project his nation will be needed due to expensive costs.
An oil price surge is triggered by the Ukraine standoff that threatens the gas supplies of the bloc. But Turkey and Israel are discussing a joint venture to supply natural gas, a game-changer.
