Black commodity trade continued to rise higher after the United States announced a ban on Russian oil imports and the UK plans to phase it out by the end of the year.
This has further heightened market concerns over declining global supply, driving Brent crude oil to $ 131 a barrel. US WTI trade strengthened at $ 126 a barrel.
This puts crude oil prices not far from the all -time high it reached during the financial crisis in July 2008, of $ 147 a barrel.
If the European Union (EU) decides to join its ally in restricting Russian oil imports, then it is not impossible that oil prices will break all -time highs or rise even higher.
In fact, Russian Deputy Prime Minister Alexander Novak also said that if the EU restricts their imports, oil prices could rise up to double and reach $ 300 a barrel.
In the wake of this surge there are also expectations that an immediate return of Iranian crude oil to global markets is unlikely as negotiations on Iran’s nuclear program have slowed between Tehran and major countries.
