Petrol prices hit another record high, amid warnings of higher energy bills.
Russia is the world's second top producer of crude oil after Saudi Arabia, and supplies about a third of Europe's needs. The price of Brent crude rose by more than a fifth last week amid fears of a reduction in Russian supplies.
He said that, to a certain extent, individual car drivers have options to cut their use by driving less, but added that businesses that have no alternatives were really starting to feel the squeeze. The price of gold, a haven in troubled times for investors looking for security, hit $2,000 an ounce for the first time in almost 18 months.
But we don't need to be physically reliant on actual Russian supplies for it to feed through into the prices our suppliers pay and then pass on to us. The price for gas in international markets was already at incredible highs last week. It further increased by a third to frankly frightening levels, 10- to 15-times normal, above £6 per therm. If in the first half of this year these prices average £3.
The comments came as pressure grows on the White House and other Western nations to take tougher action against Moscow over its invasion of Ukraine.
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