Oil could hit $200 a barrel, says Rystad Energy
Global oil prices could rise to $200 a barrel if Europe and the United States ban imports of Russian oil, analysts at Oslo-based consultancy Rystad Energy said on Tuesday.
Oil prices jumped on Monday to their highest since 2008 on fears of a Western ban on Russian oil imports while a return of Iranian crude to the market remains far from certain.
The global Brent oil benchmark currently trades at $129 a barrel, up from about $97 before Russia’s invasion of Ukraine.
Oil prices could double from pre-conflict levels, but it wouldn’t be as bad as during the 1973 oil embargo, when oil prices tripled, said Jarand Rystad at the consultancy.
