Wednesday, April 17

Oil price hits $118 as wheat prices surge to 14-year high – business live | Business

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A week after Russia’s invasion of Ukraine began, Russia has claimed to have captured the strategically important southern city of Kherson on the Black Sea, although it is unclear whether Russian troops have fully captured the city. The Ukrainian capital, Kyiv, has come under more heavy shelling as Russian forces step up their offensive.

You can read more on our Ukraine crisis live blog:

Oil, coal, aluminium, wheat and other commodity prices continue to surge as Russia’s invasion of Ukraine has triggered fears over supply. brent raw, the global benchmark, rose through $118 a barrel for the first time since February 2013. It is currently around $117 a barrel, up $4 on the day. US light crude is trading at $114.46 a barrel.

Aluminum has hit yet another record high, rising 2.3% to $3,650 on the London metal Exchange (it has gained 30% so far this year), while nickel climbed over 4% to $26,935 a tonne. Russia is a major producer of both metals.

For grains, Russia and Ukraine together are estimated to have accounted for nearly 29% of global wheat exports last year, according to the US Department of Agricultures, so the conflict has jolted global wheat prices higher.

Chicago wheat futures have climbed to 14-year highs of $11.34 a bushel, and are up nearly 40% this month.

The London Stock Exchange has suspended trading in 27 companies with strong ties to Russiaincluding aluminum producer EN+, Sberbank, Gazprom, Lukoil and gold miner Polyus. The LSE said the move was prompted by “events in Ukraine, in light of market conditions, and in order to maintain orderly markets.”

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The Russia-exposed miners Polymetal and Evraz have been ejected from the FTSE 100 after they suffered heavy share price losses following western sanctions on Russia. They are down 77% and 82% respectively so far this year and have been demoted to the FTSE 250 index.

In the latest FTSE 100 reshuffle, gold producer Endeavor Mining and the kitchens maker Howden Joinery will replace them from the start of trading on Monday.

German authorities have reportedly seized the $600m superyacht belonging to Russian billionaire Alisher Usmanov in a Hamburg shipyard. He was on a list of billionaires to face sanctions from the European Union in response to Russia’s 24 February invasion of Ukraine.

overhere, a former Russian deputy prime minister owns an £11.44m luxury flat in London’s Whitehalland last night Igor Shuvalov was accused of being one of Putin’s “cronies” who had “dipped their hands in blood”.


  • 9am GMT: Eurozone Markit Services and Composite PMI final for February
  • 9.3am GMT: UK Markit Services and Composite PMI final for February
  • 12.30pm GMT: Eurozone ECB monetary policy meeting accounts
  • 1.30pm GMT: US Jobless claims for week of 19 February
  • 2.45pm GMT: US Markit PMIs final for February
  • 3pm GMT: US Federal Reserve chair Jerome Powell testimony
  • 3pm GMT: US ISM Non-manufacturing PMI for February

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