Energy conference kicks off as Ukraine crisis leaves oil market in turmoil
The world’s biggest gathering of energy industry leaders kicks off in Houston Monday, as Russia’s invasion of Ukraine delivers an oil price shock to the global economy and embattled executives face growing criticism for the industry’s role in climate change.
Global oil prices have reached levels not seen since the 2008 financial crisis as disruption to crude and fuel exports from Russia has left the world short of supply, boosting energy costs that is slowing economic growth.
Tensions continued to rise over the weekend, with the United States and the European Union considering an outright ban on buying energy from Russia. In overnight action Brent crude briefly touched $139 a barrel – not too far off its all-time high of $147.50.
