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Oil Surge Continues As EU Mulls Russian Import Ban

COMMODITIES
  • Oil prices have started the week off strongly as the EU considers a ban on Russian imports along with a smaller boost from US officials warning the Iran talks could fail if there’s no compromise over the IRGC terror listing.
  • On the EU plans, there has been some pushback from Germany but the WSJ reports that broader support is growing.
  • WTI is +6.8% at $111.81, through initial resistance of $110.29 and opening $114.88 (Mar 10 high) with scope for a stronger short-term rally.
  • The most active strikes in the May’22 contract have been $120/bbl calls and $130/bbl calls.
  • Brent is +7.3% at $115.83. Similarly, it is through initial resistance of $113.91 (Mar 11 high) and next eyes $118.36 (Mar 10 high).
  • Gold is +0.65% at $1933.9 despite a hit from a hawkish Powell indicating a more aggressive hiking path ahead.
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