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Oil prices clamber towards 7-year highs on Russia-Ukraine tensions

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Oil prices clamber towards 7-year highs on Russia-Ukraine tensions

Oil prices rose on Monday, climbing to their highest level in more than seven years, on fears that a possible Russian invasion of Ukraine could trigger U.S. and European sanctions and disrupt energy exports from the world’s largest producer.

Brent crude futures were at $95.73 a barrel by 0109 GMT, up $1.29, or 1.4%, after hitting a session high of $95.91. U.S. West Texas Intermediate (WTI) crude was up $1.49, or 1.6%, at $94.59 a barrel, hovering near a session high of $94.92.

Global financial markets have been rattled by U.S. comments about an imminent Russian attack on Ukraine.

The United States said on Sunday that Russia could invade Ukraine at any time and could create a surprise pretext for an attack.

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“If… a troop movement occurs, Brent won’t have any difficulty rising above $100,” OANDA analyst Edward Moya said in a note.

“Oil prices will remain extremely volatile and sensitive to incremental updates on the situation in Ukraine.” Investors are also eyeing the resumption of talks between the U.S. and Iran on the 2015 nuclear deal.

However, a senior Iranian security official said on Monday that progress in the talks was becoming “more difficult”.

In the U.S., strong oil prices are encouraging energy companies to boost output as they added the most oil rigs in four years last week, energy services firm Baker Hughes said on Friday.

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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