Global benchmark Brent and US crude futures have soared over 15% to around 10- and 14-year highs, respectively, since Russia invaded neighbouring Ukraine last week.Global benchmark Brent and US crude futures have soared over 15% to around 10- and 14-year highs, respectively, since Russia invaded neighbouring Ukraine last week.That is the growing consensus among Wall Street analysts, who say there is not enough supply to impede crude prices from their relentless surge.
On Thursday, JP Morgan analysts said Brent would have to rise to $120 a barrel “and stay there for months to incentivise demand destruction.” Global consuming nations have tried to ensure adequate oil supply following the sanctions on Russia, which exports 4 million to 5 million bpd of crude, second-most worldwide behind Saudi Arabia.
“Supply elasticity is no longer relevant in the face of such a potential large and immediate supply shock,” said Goldman Sachs in a note Tuesday.
The only way is for Biden to apologize to Putin and let go of Ukraine and keep the 1991 agreement not to go into anyone's territory,. USA is the Problem in all this