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Oil Prices Could Reach $120 as Middle East Tensions Rise
Confirmed
In Short: Oil prices could top $120 per barrel of Brent crude by year-end if Middle East conflicts continue, according to RBC Capital Markets' Helima Croft.
Oil prices could reach $120 per barrel of Brent crude by the end of the year if Middle East conflicts persist. Asian economies are already feeling the strain, with governments needing to extend financial assistance for businesses and households amid rising oil and diesel prices, noted.
Relief is not expected in the near term, given the ongoing developments in the Middle East. The situation has been exacerbated by recent attacks on Iran and Russia's invasion of Ukraine, which has driven up world wheat prices and inflation.
Ukraine has been discussing Black Sea food security with several countries, including Egypt, India, the UAE, Saudi Arabia, and the US, amid these tensions. Despite the ongoing conflict, Ukrainian officials have maintained a diplomatic approach.
The war in Ukraine, which has been ongoing since late February, has also contributed to rising global wheat prices, further inflating costs for businesses and households.
What's confirmed
- Oil prices could reach $120 per barrel of Brent crude by the end of the year if Middle East conflicts persist. Asian economies are already feeling the strain, with governments needing to extend financial assistance for businesses and households amid rising oil and diesel prices, noted.
- Relief is not expected in the near term, given the ongoing developments in the Middle East. The situation has been exacerbated by recent attacks on Iran and Russia's invasion of Ukraine, which has driven up world wheat prices and inflation.
- Ukraine has been discussing Black Sea food security with several countries, including Egypt, India, the UAE, Saudi Arabia, and the US, amid these tensions. Despite the ongoing conflict, Ukrainian officials have maintained a diplomatic approach.
- The war in Ukraine, which has been ongoing since late February, has also contributed to rising global wheat prices, further inflating costs for businesses and households.
What's still developing
- Oil Prices Could Top $120 as Middle East Conflict Escalates What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil prices could top $120 per barrel of Brent crude by the end of the year if fighting in the Middle East continues, RBC Capital Markets’ Helima Croft has warned, as quoted by Reuters.
- Follow our coverage of the war on the @Kyivpost_official.
- Despite that pattern, the Ukrainian leader stressed that Kyiv would continue pursuing a diplomatic path.