Markets rebound but prolonged Ukraine-Russia crisis could push oil above $130 – The National

Markets rebound but prolonged Ukraine-Russia crisis could push oil above $130 – The National

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Oil prices could hit $130 a barrel by June if the Ukrainian conflict disrupts Russian crude flows and surge beyond that if the crisis escalates further, according to industry analysts.

The assessment comes after US President Joe Biden laid out punitive measures against Russia that include limiting its ability to do business in dollars, euros, pounds, and yen, while 27 EU members also said they would freeze Russian assets and deny banks access to its financial markets in response to Moscow's military offensive in Ukraine.