Crude Oil Price Soars: Brent crude hit 14-year high; Crude became more expensive, not because of War
Commodity markets have seen a sharp rise in crude oil prices since the start of the Russia-Ukraine war. Now there is another reason for the rise in oil prices.
Since the start of the Russia-Ukraine war, crude oil prices have risen sharply in the commodity market. Now there is another reason for the rise in oil prices. Brent crude rose 10 percent to close at डॉलर 140 on Sunday. This is the highest level of oil since 2008. The issue of sanctions on Iran has come to the fore in the wake of the sharp rise in oil prices.
The United States imposed trade sanctions on Iran in 2015 on suspicion of possessing nuclear weapons. Iran is one of the world's largest oil producers. The United States has said it will reconsider its position. The news, meanwhile, is likely to affect the supply of oil in the commodity market. As a result, Brent crude rose sharply to डॉलर 139.13 as European markets opened on Sunday. WTI crude rose by 130.50.
On the one hand, Russia's imposition of war on Ukraine has caused controversy in the West. Many countries, including the United States and Britain, have imposed trade sanctions on Russia. So Russia is horrified. Russia has asked the United States to guarantee that sanctions on Iran will not affect trade. Russia is working to ensure that trade between Russia and Iran continues unabated. Taking advantage of this opportunity, China has also made some demands. This has created huge uncertainty in the overall commodity market.
Crude oil prices have risen by 40 percent since December. Commodity analysts attributed the rise to insufficient supply and output. As a result, global inflation is likely to skyrocket in the near future. For India, too, rising fuel prices are likely to push up inflation.