“Brent crude, the global benchmark, added 8.5% to trade at $105.40 per barrel by 5:30 a.m. ET on Thursday. Brent last traded above $100 per barrel in 2014. US oil prices increased 8% to over $100 per barrel.
“The Ukraine crisis adds another dimension to the OPEC+ coalition's fraught politics. The Russian economy is heavily dependent on revenue from oil and gas, and Moscow wants prices to remain elevated. Saudi Arabia — a major US ally — will now come under intense pressure from developed economies to increase output.”
“A tight market and armed conflict in Europe is a potent combination. Oil prices could settle as high as $140 per barrel in a worst case scenario where energy flows are disrupted, according to analysts at Capital Economics.”
Will Brent Crude Oil top $140/barrel before May 2022?
This question resolves positively if the Brent Crude Oil Continuous Contract reaches or breached $140/barrel before May 1, 2022. Intra-day prices will count for resolution.