Oil price surge: Biggest boom since 2014 as Turkey and Israel to supply gas to Europe

The price surge came due to ongoing supply worries and as frigid weather cascades across the United States. Global benchmark Brent crude settled at $91.11 a barrel, up $1.64, or 1.8 percent, while West Texas Intermediate crude soared $2.01, or 2.3 percent, higher to end at $90.27 a barrel, the first time the US benchmark has closed above the $90-level since Oct 6, 2014.

The market has also been influenced by developments between Russia and the West over the former's aggressive posture towards Ukraine.

The United States warned Russia was planning to use a staged attack as justification for invading the neighboring nation.

Russia's President Vladimir Putin has blamed NATO and the West for increased tensions, even as he has moved thousands of troops closer to Ukraine's border.

The development comes at the time when Turkey is keen in resuming talks with Israel about using Israeli natural gas and transporting it to Europe, a news outlet has claimed.

According to Daily Sabah, Turkish President Recep Tayyip Erdogan said: “We can use Israeli natural gas in our country, and beyond using it, we can also engage in a joint effort on its passage to Europe.”

Over the recent years, Turkey and Israel’s relationship have been critical after a fallout in 2018, when Turkey criticized Israel for its activities in the West Bank and its treatment of Palestinians.

Israel, for its part, has demanded that Turkey drop support for Hamas in the Gaza Strip.

In 2018, Turkey and Israel expelled each other’s ambassadors, following clashes on the Gaza border in which Israeli forces killed Palestinians.

Israel, for its part, has demanded that Turkey drop support for Hamas in the Gaza Strip.

In 2018, Turkey and Israel expelled each other’s ambassadors, following clashes on the Gaza border in which Israeli forces killed Palestinians.

In 2020, Turkey’s Erdogan said he wanted better ties with Israel, although he noted at the time that Israel’s policy toward Palestinians remained “unacceptable.”

The two countries are now looking to mend relations and potentially cooperate in the energy sector.

Earlier this week, Mr Erdogan said that Israel’s President Isaac Herzog will visit Turkey in the middle of next month.

According to the reports, energy cooperation will be one of the topics of discussion during the upcoming visit of the Israeli president.

The United States has reportedly pulled its support for the planned EastMed natural gas pipeline from Israel to Europe—a plan which does not involve Turkey and is backed by Israel, Greece, and Cyprus, The Jerusalem Post reported last month.

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