Russia-Ukraine War: Know how much the 'fire' in crude oil will scorch India

Russia-Ukraine War: ‘Fire’ in crude oil, crude crosses $ 139, now moves towards 200, what is the reason


new Delhi. The ongoing war between Russia-Ukraine has created a crisis on the supply of the world. The biggest impact is being on the supply of crude oil, due to which the prices of Brent crude are increasing continuously.

Due to the supply of Brent crude from Russia, there was a big jump in the prices on Monday and the price reached $ 139.13 per barrel. This is the highest price of Brent crude since 2008. Crude oil is currently trading with a jump of 128 percent compared to last year. US crude oil WTI also reached a price of $ 130.50 per barrel.

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Just 10 Steps Back From All Time Highs
Crude prices are just 10 steps behind their all-time high, that is, $10. In July 2008, Brent crude reached an all-time high of $147.50 per barrel. Not only this, then WTI was also at a price of $ 147.27 per barrel. The recession of 2008 shook the economies of the world. Due to the deep impact on the US market, a big impact was also shown on the prices of crude oil.

Now the price can go up to $ 200 per barrel
Bank of America (BofA) Chief Economist Ethan Harris says that after sanctions on Russia, the supply of crude oil from its side will stop. If Russia stops getting 5 million barrels per day of crude oil, then crude prices will also cross $ 200 per barrel. This will have a profound impact on economic progress around the world.

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Why the sudden rise in prices
The reason for the sudden rise in crude prices is the sanctions imposed after the Russia-Ukraine War. The US has said that it is preparing to impose sanctions on Russian oil imports along with the European Union. Talks are also going on between the two regarding this. Apart from this, the talks about lifting the ban on oil imports from Iran have not started yet, due to which the supply in the global market is badly affected. The Fed Reserve has also indicated to raise interest rates in the next few days, which simply means that the dollar will strengthen, which will make crude more expensive.

Tags: Crude oil prices, Diesel Petrol New Rate Today


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