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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Oil Prices Rise After Stray Rockets Land In Poland, Killing Two

  • Tensions were heightened on Tuesday after a Russian missile, ostensibly intended for Ukraine, landed in Przewodow Poland.
  • Poland’s Prime Minister Mateus Morawiecki has called an emergency meeting.
  • Both Brent and WTI shot up on Tuesday afternoon following news of the missile strike.

Poland is holding an emergency meeting of the National Security Committee after a report surfaced that a suspected missile has struck a village in Poland, killing two.

Tensions were heightened on Tuesday after a Russian missile, ostensibly intended for Ukraine, landed in Przewodow Poland, near the border, hitting grain dryers and killing two, according to Polish media reports. The government has not confirmed the strike, although a US official confirmed that missiles crossed into Poland.

Poland’s Prime Minister Mateus Morawiecki has called an emergency meeting, according to Cabinet spokesman Piotr Muller on Twitter, although the purpose of the meeting was not stated.

The missile strike in Poland, although thought to be inadvertent, means that Russia struck a NATO country.

NATO’s Article 5 states that if a NATO ally finds itself the victim of an armed attack, all NATO members would consider it as an armed attack against all members, and take necessary actions to assist the victim. While Ukraine is not a member of NATO, Poland is.

NATO, however, has shown it does not have the desire to get into a war with Russia, nor is Article 5’s invocation automatically triggered. Instead, all NATO members must agree to consider an event an Article 5-worthy event. And while it is unlikely that all NATO members would perceive what many are considering an accident as an Article 5 event, that hasn’t stopped oil prices from rising.

Both Brent and WTI shot up on Tuesday afternoon following news of the missile strike. By 2:00 pm, Brent crude had risen $1.90 per barrel (+2.04%) to $95.04. WTI had risen by $2.08 per barrel (+2.42%) to $87.95.

The National Security Committee consists of the heads of defense, interior, justice, and foreign affairs ministries and a coordinator of intelligence services.

By Julianne Geiger for Oilprice.com

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