Oil prices continue to move toward the $100 a bar-rel threshold amid growing supply concerns, as OPEC and allied producers are slow to boost output.
Ransomware attacks on German storage facilities and winter storms in the US are also pushing prices higher. Foreign media reported that European benchmark Brent Crude closed around $92.8 per barrel on Feb-ruary 04, its highest level in more than seven years, surging 1.8%.
European oil majors Shell and BP also rallied on Brent gains, jumping 3%. Shell ear-lier reported that its annual profits quadrupled in 2021.The Brent rally followed ransomware attacks on two German fuel storage facilities, Mabanaft and Oil-tanking, earlier this week. A number of other stor-age sites across Europe also reported IT issues—TLTP
