Border Conflict between Ukraine and Russia: the energy crisis can only get worse!
Crude oil prices have reached 7-year high with Brent approaching $90 a barrel, if the current momentum of the upward trend remains this way. As of 10:00 GMT, the price of WTI and Brent stood at $86.52 and $87.73 respectively. The rising energy prices and the inevitable inflation that stems from the former have already left the Western political leaders in a costly political lurch. The IEA, International Energy Agency, which discouraged the future investment in fossil fuels on a grand scale last year, now implies that the oil producers need to take some responsibility for the current energy crisis; for instance, according to the IEA, the OPEC+ added just 60% of what it planned to do – last month. The producers, while not denying that is the case, blame the failure on the lack of investment, among a few more grievances. The rising energy prices have cast an ominous global shadow, hampering the progress of many economies in the world that try to come out of the economic shock su