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Oil Prices Reaches Highest Level Since 2008

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Oil prices have hiked to more than 6% as it touches the highest level since 2008 owing to the potential return of Iranian crude oil to global markets. This happened at a time when the United States and European allies considered banning the imports of Russian oil after the delays to the conclusion of Iranian nuclear talks. While addressing the revival of Iran’s 2015 nuclear deal, Russia demanded the United States guarantee that the sanctions it faces due to the Ukraine conflict would not have an impact on its trade with Tehran. The USA responded by stating that Russia is not related to the nuclear deal with Iran.

The increased price of Brent is $11.67 and 9.9% a barrel and the U.S. West Texas Intermediate (WTI) crude hiked by $10.83 and 9.4% to $126.51 which has put both contracts for their highest daily percentages since May 2020. During the beginning of the trade, both the benchmarks had risen to their highest since July 2008 with Brent at $139.13 a barrel and WTI at $130.50.

The United and its European allies are exploring their options for banning imports of Russian oil, Blinken. Moreover, the White House also coordinated with the Congressional committees, proceeding with their band.

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