On March 7, international oil prices soared, with the two benchmark oil prices of Brent crude oil and WTI crude oil rising sharply by more than $10, hitting their highest prices since July 2008.
Global oil prices have risen 67% since the start of the year, pushing up energy prices and raising concerns about world economic growth and the risk of stagflation.
Recently, the United States and some EU countries are considering a joint ban on Russian oil imports, but this will put enormous pressure on the oil and natural gas supplies of European and American countries.
Analysts at Bank of America pointed out that sanctions on Russian oil exports could lead to an oil shortfall of up to 5 million barrels. This means that international oil prices may double from $100 to $200 a barrel.
At the same time, the United States is considering easing sanctions on Venezuela, one of Russia’s allies in Latin America, to fill the oil supply gap.
Europe and the United States are mulling a ban on Russian oil imports. International oil prices rose to a nearly 14-year high. Click on the video to see what it is!