Brent Crude Oil Could Reach $150 per Barrel If Russian Exports Are Sanctioned: Bank of America

Brent Crude Oil Could Reach $150 per Barrel If Russian Exports Are Sanctioned: Bank of America
A driver unloads raw crude oil from his tanker to process into gas at Marathon Refinery in Salt Lake City, Utah, on May 24, 2022. George Frey/Getty Images
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There are major concerns over the tightening supply situation in the global crude oil market, as the global oil benchmark Brent crude nears a two-month high.

Brent crude could rise past $150 a barrel if there is a sharp cut in Russian oil exports, according to Bank of America’s (BOA) Global Research report on May 27.

Prices of both commodities increased more than 3 percent after trading on May 26, on top of their already elevated prices.

The high prices are being driven by stronger demand for fuel as the pandemic winds down, while tight supplies and oil sanctions on Moscow are not easing the situation.

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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