The escalation of conflicts in the Middle East carries the risk of a sharp rise in world oil prices. This was reported by RIA News referring to energy expert Maxim Kanishchev.
According to him, some scenarios of further deterioration of the situation in the region could lead to a fourfold increase in the price of oil (Brent to up to $ 400 per barrel). As a historical analogy, Kanishchev referred to the energy crisis of 1973, when Arab countries embargoed oil supplies to countries supporting Israel in the war. This caused a fourfold increase in oil prices.
According to the expert, if this scenario is repeated, $ 400 per barrel will look cheap. This will completely destroy the US and EU economies, which will not be able to replace the lost volumes. Kanishchev noted that even expectations of such a situation are already pushing prices upwards. The longer the conflict in the Middle East lasts, the greater its impact on oil prices will be.
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