London, (Business News Report)|| Oil prices fell, on Thursday morning significantly in global markets, while Brent crude futures fell by more than two dollars to $113.60 a barrel.
US crude futures fell more than three dollars to $112.23 a barrel.
In trading on Wednesday, oil prices rose, after European Union leaders agreed to a gradual ban on Russian oil before it recorded this decline.
European Union leaders agreed in principle on Monday to cut 90% of Russia’s oil imports by the end of this year, the bloc’s toughest sanctions yet since the war in Ukraine began.
Sanctions on crude oil will be implemented within six months and on refined products over eight months.
The embargo excludes pipeline oil from Russia as a concession to Hungary and two other landlocked countries in central Europe.
In a separate context, Turkey raised the prices of natural gas for homes, industry and electricity production, as the price for homes increased by 30%, according to what was announced by the state company BOTAŞ, which is responsible for importing energy.
The price of natural gas used in industry increased by 40% for those who consume less than 300,000 cubic meters per year, and by 10% for those who consume more than that amount.
Separately, the country’s Energy Market Regulatory Authority raised electricity prices by between 15% and 25%, according to an announcement in the Official Gazette.
Turkey imports almost all of its energy needs, making it vulnerable to significant price fluctuations. Rising global energy costs in recent months have increased pressure on Botas to raise prices.
The annual inflation rate recorded 70%, according to data for the month of April, and data for May is expected to be released on Friday.
It is expected to have increased to 76.55% due to the rise in energy and food prices and the weakness of the lira.
The price of the lira settled at 16.4275 pounds to the dollar this morning, declining by 20% this year after declining by 44% in 2021.
Despite inflation and the lira’s decline, Turkey’s annual economic growth rate rose to 7.3% in the first quarter of the year on an annual basis, according to data from the Turkish Statistical Institute.