Oil Price Rises Ten Percent in Asia

Oil prices rose more than ten percent in frantic trading on Monday due to fears of a US and European embargo on Russian oil and delays in Iran’s nuclear talks.

Brent price rose $12.73 to $130.84, while US crude rose $9.92 to $125.60.

And after Brent crude rose 21 percent last week, it rose again due to fears of the United States and Europe imposing an embargo on Russian oil.

“If the West shuts down most of Russia’s energy exports, it will be a huge shock to global markets,” said Ethan Harris, chief economist at Bank of America.

Harris estimated that the market’s loss of five million barrels of Russian oil could lead to a doubling of oil prices to $200 a barrel and lower economic growth globally.