Russian President Vladimir Putin makes a statement in Moscow on June 24, 2023 as Wagner militants stage a mutiny in the largest threat to Putin’s quarter-century of power.
Pawel Bedniakow | AFP | Getty Images
Oil prices rose on Monday after an attempted rebellion in Russia sparked fears that energy supplies can be disrupted by potential unrest in considered one of the world’s largest oil-producing nations.
The armed rebellion of Yevgeny Prigozhin, leader of the Wagner mercenary group, was the best threat to Vladimir Putin’s 23-year rule.
West Texas Intermediate Futures rose nearly 1% to slightly below $70 a barrel in Asian trade after falling nearly 4% last week. Brent oil increased by 0.95%.
West Texas Intermediate
“We saw in the early market movements that there’s risk going down in the commodity markets,” Chris Iggo, AXA’s chief investment officer for core investments, told CNBC.
“Fear that any disruptions in Russia could lead on to further disruptions in the worldwide energy market,” he added.
Wagner mercenaries led by Prigozhin marched towards Moscow on Saturday after reportedly taking control of the southern city of Rostov. The armed rebellion was abruptly called off on Sunday.
Kremlin spokesman Dmitry Peskov said criminal charges against Prigozhin were dropped after his forces turned back. reported TASS.
“Russian President Vladimir Putin guarantees that Prigozhin will give you the option to depart Russia for Belarus,” TASS reported.