Oil rallied today to its highest levels since March, hitting $ | The Paradigm Shift Channel ⏳

Oil rallied today to its highest levels since March, hitting $120 USD/per barrel, on news of the EU in a sanctions crunch and China eased covid restrictions. Diplomats failed to break through Hungary's opposition to a Russian oil embargo. The European Union looks set to agree on an oil embargo against Russia but would exempt pipeline exports. Despite a strong USD which inversely moves with the oil price, crude oil has been defying this historic correlation.

Russia’s Rosneft proposes record dividend on soaring oil prices. Will benefit Russian state the most. Foreign investors in the Russian oil and gas giants may find it difficult to actually receive the dividends because of financial sanctions.

Iran said its export revenues from oil and gas have jumped 60% year-on-year. Despite the tough sanctions on the country, Iran has generated $2.45 billion from exports in the first two months of the year.