• Both Brent and WTI crude oil are up about 65% this year to date

The global price of Brent crude oil went over $130 per barrel yesterday surpassing the top 2012 mark of over $128.   

The price rise is said to be caused by a fear of a supply crunch after US Secretary of State Anthony Blinken saying on Sunday that the US was in discussion with European allies about a ban of Russian oil.  At one point overnight, Brent crude touched $139.13 a barrel before paring losses. Both Brent and WTI crude oil are up about 65% this year to date.  Russia is the world’s third-largest oil producer, according to the International Energy Agency.  Oil prices are expected to rise to $200 a barrel as the US would not be able to meet the supply shortfall from a Russian crude oil ban according to Sheffield, CEO of Pioneer Natural Resource, a top US shale oil producer  Experts say food prices could also go up as a result of the rise in the price of oil.