Amid the rising tension and the increasing gravity of the Russia-Ukraine crude oil prices are on the rise again. In a world that is trying to move away from fossil fuel-based energy, crude oil and natural gas are still at the epicentre of the regular functioning of the world, acting as its fulcrum.

Ukraine-Russia Conflict

Therefore, a rise in the prices of these commodities can result in a relay effect placating other facets of the supply chain.

In the most recent development in the war that has prolonged for over 2 years now, the US decision to allow the use of long-range missiles to attack Russia has been met with modification in Russia's nuclear doctrine by the federation's president, Vladimir Putin.

The United States administration under Joseph Biden has imposed a new set of sanctions on Russia's Gazprombank. It has restricted the bank from accessing the U.S. financial system.

Crude Oil Prices Rise

As a fallout of this burgeoning tension, th prices of crude oil has increased substantially.

The price of the benchmark Brent Crude went past the USD 75 per barrel mark.

At the time of writing, the prices stood at USD 74.8, having clocked a high of USD 75.38. The 52-week high stands in the range of USD 68.68 - 92.18.

When it comes to the WTI Index benchmark, this also saw a rise in its value. The WTI Index climbed to the USD 70 per barrel mark. The current value stands at USD 70.94, having hit a high of USD 71.48 today. Here again, the 52-week high stands between USD 65.27 - 87.67.

Natural Gas Also Rises

Another crucial facets of this development is the surge in price of Natural Gas, a commodity of which Russia is a major producer. The price of Natural Gas stood at USD 3.39 mmBtu, rising by USD 0.27 or 8.49 per cent.

The rise in natural gas, especially as the winter approaches is crucial in the west, particularly Europe, as the countries in the continent are dire need of it, to keep tackle the dropping temperatures.