El-Deeb added that gold prices rose to their highest levels in a year, while oil prices exceeded $100 after the start of the Russian military operation in Ukraine. The price of a barrel of oil crossed the $100 threshold, settling at $103 for the first time in more than 7 years. In addition, the increased demand for oil will increase the traffic of ships transiting the Suez Canal. In the event that Russian gas stops supplying Europe due to the Ukraine crisis, el-Deeb believes that Europe will have to search for an alternative. The energy shortage crisis for Europe represents an opportunity to put Egypt on the European energy map and secure part of Russian gas supplies.

Source: Libya Today February 24, 2022 17:15 UTC