US Secretary of State Antony Blinken said that oil imports from Russia could be banned. This statement made the price of brent oil skyrocket. As a result, a new increase in fuel was expected. What will happen next? What awaits the world and us if the embargo comes to Russia?
While the Ukraine-Russia war continues, other countries around the world are also doing this. to be affected by war continues. The fact that Russia is an oil-rich country and that other countries turned their backs on Russia affected the prices of brent oil. recent developments, fuel industry It looks like it will continue to degrade.
In the news we have shared with you recently, hike in fuel since he came we are talking about. In fact, almost every day there is a hike in fuel prices. The main reason for this was that the price of brent oil was seeing historical levels. In a recent statement by US Secretary of State Antony Blinken, Stopping oil imports from Russia specified. This statement made the price of brent oil fly again. What can happen next? Let’s see together.
With the statement from the USA, the price of brent oil reached $ 139
Brent oil until US Secretary of State Blinken spoke From $120 levels was trading. Prices that jump suddenly with explanations up to $139 rose. Brent oil price, which then regressed, is currently 130 dollars levels have fallen. However, despite this, an increase of around 10 percent was recorded on the first day of the week. “We are actively discussing with our European partners the prohibition of Russia’s oil sales to our countries.‘ said Blinken’s words global impact not very positive…
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What if the Brent oil price continues to rise?
US statement, experts made me nervous. Some people think that the price of brent oil will rise above the historical high of $ 147.5. Ethan Harris, one of the top analysts of Bank of America, said that 5 million barrels of crude oil was imported from Russia, and that the deficit that would arise if this disappeared. that the price of brent oil can even exceed $ 200 it states.
The price of Brent oil per barrel, which we use in vehicles today. main determinant of the liter price of fuel. In other words, we can detail Ethan Harris’s explanation as follows: If the price of Brent oil continues to increase, the price of gasoline and diesel will also increase. In fact, today’s prices may even be the cheapest price of recent times… This is the link of a chain. As the price of fuel increases, the cost of both the producer and the transporter increases. The price of everything from socks to bread you wear on your feet rises accordingly. So inflation occurs. So what should be done? There is no complete answer to this question. Turkey is dependent on foreign oil in terms of oil. For this reason, the measures that Turkey will take as a country may be insufficient to prevent future price hikes due to oil prices.