Global Courant
Russian President Vladimir Putin makes a statement in Moscow on June 24, 2023, as Wagner fighters stage an uprising in the greatest threat to Putin’s hold on power in a quarter of a century.
Pavel Bednyakov | AFP | Getty Images
Oil prices rose Monday after an attempted uprising in Russia sparked fears energy supplies could be disrupted by potential unrest in one of the world’s largest oil-producing countries.
The armed uprising of Yevgeny Prigozhin, leader of the Wagner mercenary group, posed the greatest threat to Vladimir Putin’s 23-year hold on power.
West Texas Intermediate Futures were up nearly 1% to just under $70 a barrel in Asian trading after losing nearly 4% last week. Brent rough increased by 0.95%.
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“We’ve seen risk being played out in the commodity markets in the early market moves,” Chris Iggo, AXA’s Chief Investment Officer for Core Investments, told CNBC.
“The fear that any disruption in Russia could lead to further disruptions in the global energy market,” he added.
Wagner mercenaries led by Prigozhin marched towards Moscow on Saturday, after reportedly seizing control of the southern city of Rostov. The armed uprising was abruptly called off on Sunday.
Kremlin spokesman Dmitry Peskov said criminal charges against Prigozhin were dropped after his troops returned, state-controlled outlet reported TASS.
“Russian President Vladimir Putin guarantees that Prigozhin can leave Russia for Belarus,” TASS reported.
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