Russia/Belarus crisis not expected to affect oil market in the longer term
"I would be surprised if this wasn't just a shock in the market," says Simon Wardell, director of global oil, IHS Global Insight. "Oil is exceptionally liquid globally, and if it is not coming from one direction, it can be obtained from another, so I don't think it will have a great impact on global prices."
US light sweet crude for February trading at the New York Mercantile Exchange has risen past the $80 per barrel mark, trading at $81.34 bbl as of 14:29 GMT, following the news of the supply
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