How Putin can effect your petrol bill, Crude oil at 7-year high

If you were watching the geopolitical tension between Russia and Ukraine play out and wondered why you should bother, you may want to pay attention to your petrol bill.

Brent crude futures, the international oil benchmark reached levels last seen in 2014, adding to oil’s blistering recovery since its pandemic-era lows in April 2020.

The threshold breakthrough comes amid growing geopolitical tensions between Russia and Ukraine, and as supply remains tight amid a rebound in demand.

Barclays noted that while prices may be reacting to a “geopolitical premium,” and the underlying fundamentals are fueling the push higher.

Earlier this month, Goldman Sachs said that Brent can reach $100 per barrel by the third quarter, adding to a number of Wall Street firms calling for triple-digit oil.

Petrol prices in India have been unchanged for 90 days but experts anticipate a cumulative hike of Rs 2-3/litre as the prices keep heading higher internationally.