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Brent Oil Hits $140 By May 2022

Ukraine Conflict

Question

“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.

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