New Delhi: Russia is facing tough economic sanctions after invading Ukraine. The US and European countries are now preparing to impose sanctions on Russian oil and gas as well. Efforts are on to bring Iran back to the market. However, due to the delay in this direction, the price of crude oil has remained a record high and it has reached a 14-year high. As crude prices rise in the global market, India's import bill will also go up. This threatens to lead to a sharp decline in the foreign exchange reserves
According to media reports, Brent crude has just climbed $11.67, or about 10 percent, to $129.78 a barrel. This is the highest level of crude oil since 2008. Similarly, West Texas Intermediate (WTI) rose $10.83, or 9.4 percent, to $126.51 a barrel. In percentage terms, this is the biggest single-day increase in both these variants of crude oil since May 2020. Within minutes of trading starting on Sunday, both crude oil and West Texas Intermediate reached the highest level since July 2008. In July 2008, Brent crude reached $147.50 a barrel and WTI reached $147.27 a barrel.
To bring Iran back into the oil market, the US and western countries are looking to start fresh talks on the 2015 nuclear deal. Amid speculation in this regard, Russia on Sunday demanded a guarantee from the US that the sanctions imposed on Ukraine will not have any impact on Russia's trade with Iran. According to sources, China has also imposed new demands. Because of this, there is a cloud of uncertainty over the conversation.
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