Oil prices jumped more than 2% on Wednesday, after Russian President Vladimir Putin announced a partial mobilization of the army, an escalation of the war in Ukraine, raising fears of more shortages in oil and gas supplies, as the dollar rose to its highest levels. In 20 years, while the Russian ruble fell in front of it, and at the same time European stocks fell.

Brent crude futures rose $2.28 (or 2.5 percent) to $92.90 a barrel by 07:07 UTC, after falling $1.38 the previous day, and US West Texas Intermediate crude futures increased $2.22 (or 2.6%) to 86.16. dollars per barrel.

Global energy markets fear a global shortage of crude oil and natural gas supplies, at a time when Europe is experiencing a supply crisis before the onset of winter.

With the approach of winter, global demand for oil is witnessing an increase, while the markets are awaiting the entry of a package of European sanctions on Russian crude, by the end of this year.


Dollar, ruble and European stocks

The dollar jumped - today, Wednesday - to its highest level in 20 years against a group of other major currencies, affected by Putin's speech.

While the green currency is benefiting from bets on strict monetary policy before a meeting of the US Federal Reserve later today, Wednesday, the dollar index, which is compared to the price of other currencies, such as the Japanese yen, the euro and the British pound, rose 110.87 points, in a record increase since 2002, As for the Russian ruble, it fell 1% to 61.2 against the dollar.

At the same time, European shares fell at the open today, Wednesday, under pressure from Russia's decision to announce a partial mobilization of the army, which added to investor concerns regarding the US Central Bank raising interest rates for the third time later today.

The European "Stoxx 600" index fell 0.3%, with most of its sub-sectors declining, as well as the interest-rate-sensitive technology sector fell 1.2%, while shares of energy companies rose by 1%, amid a rise in oil prices due to news of Russian mobilization.