Global oil prices could hit an eye-wateringly high of $380 a barrel if Vladimir responds to sanctions with cuts to crude oil output, financial experts have warned.JPMorgan Chase analysts fear the 'stratospheric' rise, which would almost quadruple the current price of a barrel of Brent crude, could be fuelled by a retaliation against continued US and European penalties levied against Russia. Despite efforts from leaders to place a market cap on the price of Russian oil, the eastern state could drop daily crude production by five million barrels without excessive damage to their economy, financial analysts have concluded.
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