A rally that has driven oil prices to their highest in almost a decade shows no signs of abating, as supplies from top exporter Russia are disrupted after its invasion of Ukraine.
The front-month futures price of both Brent and West Texas Intermediate (WTI) crude oil have increased to more than $100 per barrel. The Brent Crude Oil is currently trading at $125.01 per barrel (13:10 CET).
Analysts from JP Morgan predicted that oil could soar to $185 per barrel this year.
Russian oil and gas are not sanctioned at the moment, but oil getting sanctioned by private actors not wanting to pick it up or ports not wanting to receive it. The longer this goes on the more supply chains are going to buckle.
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Source: Reuters