Good morning.
There’s still no end in sight for the spiralling energy crisis as oil prices continue their relentless rally.
Benchmark Brent crude has soared above $111 a barrel – an increase of more than $10 since Russia’s invasion of Ukraine less than a week ago. West Texas Intermediate also surpassed $110. That’s its highest level since 2013.
The US and other major consumer nations have agreed to release 60m barrels from their stockpiles, but this has failed to tame the rally. The International Energy Agency last night warned the situation in energy markets was “very serious” and that global energy security was under threat.
All eyes will be on producer cartel Opec ahead of its meeting today. However, only a modest increase in supply is expected despite the turmoil ripping through markets.
5 things to start your day
1) Athlone House, Mikhail Fridman’s monument to the power of Russian oligarchs Wealthy Russians living in London face growing scrutiny for their presence in the capital’s luxury property market
