Oil Prices Dip as Investors Worry a Missile Strike on Poland Could Intensify War in Ukraine

Oil prices dipped on Wednesday as investors worried that a Russian-made missile strike on Poland could intensify the ongoing war in Ukraine.

As of 11:35 a.m. (Thai time), West Texas Intermediate futures fell toward $86 per barrel after finishing 1.2% higher on Tuesday following news of the strike, while Brent crude traded at $93.38 per barrel.

The missile landed outside the rural Polish village of Przewodow, approximately 24 kilometers from the Ukrainian border, on Tuesday, about the same time Russia started its largest wave of missile attacks on Ukrainian cities in more than a month.

Polish officials stated two of its citizens were killed by a Russian-made missile near the Ukrainian border. However, US President Joe Biden said it was “unlikely” that the missile had been fired from Russia.

Early information suggests the blast may not have been caused by a missile fired from Russia, Biden said at the G20 meeting in Bali, Indonesia, as world leaders and NATO held an emergency meeting on Wednesday after the attack.

“There is preliminary information that contests that,” he told reporters. “I don’t want to say that until we completely investigate it but it is unlikely … that it was fired from Russia, but we’ll see.”

The U.S. and NATO countries would fully investigate before acting, he added.