Saturday 27 / July / 2024
Muscat: The price of Brent crude could shoot up to as much as USD 200 if the markets lose five million barrels of Russian oil according to experts.
"If the West cut off most of Russia's energy exports, it would be a huge shock to global markets," Ethan Harris, chief economist at Bank of America said adding that it could also lead to a decline in global economic growth.
Meanwhile, oil prices rose more than 10 per cent in today's trading due to fears of a US and European ban on Russian oil and delays in Iranian nuclear talks. Brent price rose 12.73 dollars to 130.84 dollars.
According to Oman News Agency (ONA), while US crude rose 9.92 dollars to 125.60 dollars, Brent crude rose 21 per cent last week.
