The price of oil has hit its highest level since 2014 and that could raise the prices of almost everything.
Consumers have already felt the pain at the petrol pump as talks of a Russian invasion of Ukraine grow louder. The price of Brent crude futures, the global benchmark, rose to above $96 per barrel last week, and it might become even more expensive.
The oil market is tight and traders are worried the geopolitical tension over Ukraine could cause disruption to Moscow’s fuel exports. And what is behind the new oil and gas deal between Russia and China?
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