Futures and options trade of Crude Oil in the international market is indicating that traders are betting that prices could soar as high as $200/bbl as the US threatens sanctions against Putin backed oil. Russia is the second largest exporter of oil just behind Saudi Arabia.
Vitol Group, the world’s biggest independent crude trader was quoted as saying there are many twists and turns to come and the market could see shortages going ahead.
JPMorgan Chase also said last week that Brent crude could end the year at $185 a barrel if oil supply from Russia is disrupted. Several commodity hedge funds and Wall Street banks such as Goldman Sachs Group , which says oil could reach $150 which is now in kissing distance.