Crude oil prices could surge to $130 a barrel because of the Russian invasion of Ukraine, “squeezing” consumers who will face higher pump prices and power bills, Rystad Energy said in a note.
The conflict immediately jeopardizes as much as 1 million barrels a day of crude that transits through Ukraine and the Black Sea and “long-term disruptions could be far more significant,” Rystad Chief Executive Jarand Rystad said. “The reality is that significantly higher prices are on the horizon in Europe and overseas.”
