Brent crude crosses US$108 a barrel amid US-Russian tensions, supply fears

28-Jul-14

Brent crude for September delivery spiked past US$108, the highest settlement since July 10, as fighting in Ukraine and deteriorating relations between Russia and the United States ignited new fears of supply disruptions in the market. A Russian security official reported up to 40 shells fired on Friday by Ukrainian forces fell on the Russian province of Rostov, near the border with eastern Ukraine where Kiev is fighting pro-Russian separatists. Reuters reported that EU sources said European Council leader Herman van Rompuy has written to EU leaders saying any restrictions the bloc agrees on Russian access to sensitive technology should exclude natural gas.