Crude oil at the highest level of 14 years, India’s budget will be messed up

Crude oil at 14-year high, India’s budget will be messed up

America and European countries are continuously imposing strict sanctions on Russia. This ban has led to an increase in the price of crude oil and it has reached a 14-year high price. Russia is preparing to impose sanctions on oil and gas after SWIFT withdrew and several companies left the Russian market.

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Russia is facing harsh monetary sanctions after its attack on Ukraine. Now America and European countries are preparing to impose prohibition on Russian oil and gas as well. For this, efforts are being made to bring Iran back to the market.

Crude oil price rise in few minutes (Crude oil price rise in few minutes)

It is being told that Brent crude has now increased by $ 11.67, or about 10 percent, to $ 129.78 per barrel. This is the highest level of crude oil since 2008. In this way, West Texas Intermediate has also risen by $ 10.83, or 9.4 percent, to $ 126.51 per barrel.

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Percentage wise, this is the biggest one-day increase in both these variants of crude oil since May 2020. Within minutes of trading on Sunday, crude and West Texas Intermediate both rose to their highest levels since July 2008, while Brent crude was at $147.50 and WTI at $147.27 a barrel in July 2008.

Russia and China made this demand (Russia and China made this demand)

The US and the West are looking to restart talks on the 2015 nuclear deal to bring Iran back into the oil market. Amidst speculation about this, Russia on Sunday sought a guarantee from the US that sanctions imposed on it regarding Ukraine will have no effect on Russia’s trade with Iran. It is being said that China has also imposed new demands, due to which there is a cloud of uncertainty over the talks.

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Crude oil may rise to $200. (Crude oil may rise to $200.)

Russia currently supplies about 7 million barrels of oil per day. In terms of refined products, Russia accounts for about 7% of the total global supply. Bank of America analysts believe that if most of the supply to Russia is stopped, then the market will fall by 5 million barrels in one stroke. If this happens, the price of crude oil will go up to $ 200 per barrel. Analysts believe it could take months for Iran to recover Russian supplies.