Crude oil prices have hit an all too familiar high as they have creeped above $129.00 per barrel according to the latest pricing at West Texas Intermediate(WTI), one of the largest oil producers in the United States. The increase comes just after speculation hits the markets on a possible Russian oil ban by the White House amid the situation unfolding in Ukraine. According to financial analysts at JP Morgan, oil prices could reach as high as $185 per barrel. The ban would affect a significant portion of imports due to the fact that roughly 7 percent of the global supply chain.
Some banks are also forecasting an upcoming shortage of at least 5 million barrels due to the crisis, which has many investors reconsidering where to put their assets. In many states the surge in prices has caused higher costs associated with daily things such as supermarket prices,shipping, as well as gasoline. AAA data shows that oil prices haven’t been at the current levels since the summer of 2008. The latest numbers show a nearly $0.40 cent jump over the past week. As the situation continues to unfold, other countries are also preparing to distance themselves.
