Amid the surging tension between the Russian Federation and Ukraine, many countries of the western and eastern world would likely receive a setback. The Russian Federation's domination of crude oil Zones seems to be blatantly challenging and warning the western countries that they could encounter a sudden surge of oil prices of over $300 per barrel and also the possible closure of the main Russia-Germany gas pipeline said a senior minister on Monday.
The possibility of an increase in Oil prices was something which was expected after the onset of the Russian-Ukraine war, but after U.S. Secretary of State Antony Blinken claimed that "Washington and European allies should consider banning Russian oil imports," this possibility seemed to be turning into reality. It is explicitly evident that rejecting Russian oil would invite catastrophic consequences for the global market. The global market would witness unpredictable waxes and wanes, with a sudden spike in oil prices.
The Russian Deputy Prime Minister Alexander Novak boldly made the statement that "it would take Europe more than a year to find a substitute and to replace the volume of oil it receives from Russia." He further added that "The surge in prices would be unpredictable. It would be $300 per barrel if not more."