Commenting on the rise in oil prices following an attack on Saudi Arabia’s oil infrastructure

Commenting on the rise in oil prices following an attack on Saudi Arabia’s oil infrastructure, Artur Baluszynski, Head of Research at Henderson Rowe, said: “Asian oil-importing countries face yet another possible tax…higher oil prices. Strong USD combined with higher energy prices could derail the already weakened global economy.

The US has access to its own production and can always tap into Canada’s supply, Europe has always been at the mercy of Russia and the Middle East. In the short term Europe will feel the pain of higher energy prices, but in the long term more expensive fossil fuels will accelerate Europe’s already leading position in renewables like wind and solar.”