Due to the ongoing Russia-Ukraine war, crude oil prices are increasing daily. On Sunday, prices opened up at about $137 per barrel. The fuel price surge of Brent crude oil surpassed the mark of over $128 per barrel recorded a decade ago in 2012.
However, the price for Brent did come down after that and is trading up by 10.44% to $130.38 per barrel.
As per reports, the price of Brent crude oil went over $119 per barrel for the first time since February 2013. Previously, it had reached a historical maximum in 2008, when it was sold at over $143 per barrel.
JP Morgan & Chase, an investment banking company of America, predicted that a barrel could rise to $200 if Russia faced comprehensive sanctions.
The dramatic jump in prices comes just after the United States said it has been thinking over a ban on Russian crude imports, fuelling fears of short supplies in an already jittery market.
U.S. State Secretary Antony Blinken has asserted that Washington is in “very active discussions” with its European allies about the ban to tighten economic embargoes on Russia.
Elon Musk took to Twitter stating about how there is a need to increase oil and gas output immediately.
The U.S. and its European allies have refrained from implementing direct sanctions on Russian oil and natural gas imports due to the lack of alternative sources to meet the substantial gap.
The developments come against the backdrop of the Russian invasion of Ukraine on February 24, which led the West to impose a host of sanctions on Moscow. In addition, Russian troops have captured significant cities and nuclear power plants, including Chernobyl, fuelling fears of further devastation.
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