spot cargo markets

Jet Exposed as Military Threat Drives Brent Toward $90/bbl

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Brent crude neared $90 per barrel as bubbling geopolitical tensions and supply constraints outweigh any ongoing demand concerns around the pandemic. The oil pricing benchmark is at its highest in seven years, supported by Opec-plus’ failure to meet promised production quotas and Russian aggression in Ukraine. Jet traders were quick to point out that any military response to Russia by Nato would trigger a scramble for jet fuel and further expose Europe's threadbare supply lines. A drone strike on the United Arab Emirates claimed by Yemen's Houthi rebels only added to the market tensions.

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