Russian crude oil prices hit 8-year high!The United States could not sit still and suddenly turned to Iran

2022-05-12 0 By

Since late last year, the price of international crude oil has climbed to its highest level since October 2014 on concerns about supply risks.U.S. crude rose $2.04 to settle at $92.31 a barrel on Feb. 4.Brent crude jumped $2.16 to settle at $93.27 a barrel in London.In the international oil price continues to break through at the same time, Russia’s export oil – Ural brand crude oil benefit a lot.On January 26, urals followed Brent to an unusually high of $92.38 in the Mediterranean and $91.25 in northwest Europe, both the highest since October 2014.Normally Brent is higher than Urals, but now the two are about the same, and even Urals seems to be rising more strongly.On top of that, it’s also worth noting that the value of the ruble continues to fall because of ongoing issues in Ukraine and tensions between Russia and the West.With the price of Russia’s oil exports at their highest and the rouble at its lowest in nearly two years, the combination will bring Russia “excess revenues”, say experts.Many western investment banks have forecast that international oil prices will continue to rise.Goldman Sachs thinks oil will hit $120 by the third quarter of this year;Bank of America forecasts brent crude at $120 a barrel by mid-2022, but after that peak it will fall back to $80.Jpmorgan chase is bolder, predicting that a conflict between Russia and Ukraine could send oil prices soaring to $150, double the price in the fourth quarter of 2021.That means big energy players like Russia could make a lot of money if that happens.The United States certainly did not want to see that again, so it turned its back on Iran.The US government has announced its decision to lift some sanctions against Iran.U.S. Secretary of State Antonly Blinken has signed several sanctions waivers related to Iran’s civilian nuclear activities, allowing Iran to cooperate with other countries on its civilian nuclear program.Later, Iran responded that the lifting of some sanctions reflected the “goodwill” of the United States, but only on paper is not enough, we must take concrete actions.Some say that the United States seems calm at this time, but in fact, it has panicked. Otherwise, why would it take the initiative to reach out to Iran?