Oil prices were slightly higher on Monday, June 26, 2023. An abortive weekend mutiny by Russian mercenaries raised questions about crude supply. However, stocks lacked direction as investors waited for more clarity around the situation.
The mutiny took place at a Russian oilfield in the Republic of Congo. A group of Wagner Group mercenaries, known for their loyalty to the Russian government, reportedly tried to take control of the field. They were quickly defeated by Congolese security forces.
The mutiny has raised concerns about the security of oil production in Russia and its allies. More incidents like this could lead to disruptions in oil supply and higher prices.
- As of this writing, the long-term impact of the mutiny remains unclear. However, it has rattled investors and caused some volatility in the oil market.
The mutiny is a reminder of the risks associated with oil production in unstable regions. It is also a sign that the Russia-Ukraine war is having a ripple effect on the global energy market.
