JAVIER BLAS: Second wave of the oil shock is building

Technical installations of an underground natural gas storage facility are shown near Halle, Germany. File photo: GETTY IMAGESThe Kremlin is doing its best to conceal the full impact of formal and informal energy sanctions after its invasion of Ukraine. But Moscow can’t hide from the satellites above Siberia that measure the amount of light its oilfields emit as unwanted gas is burned, or flared: the higher the production, the more flaring and the more light — and vice versa.

“We are currently developing smart mechanisms so that oil can also be included in the next sanctions package,” EU Commission president Ursula von der Leyen told the Bild am Sonntag newspaper. The second phase is likely play out in slow motion over a longer period, risking more economic havoc. Brent crude has already climbed back to near $110, and prices will probably rise gradually as the market absorbs the supply losses. Seasonal peak demand is still two-and-a-half months away, with the summer holiday period of the northern hemisphere, and retail petrol prices are sure to climb.

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