<p>Global oil prices could rise to $200 a barrel if Europe and the United States ban imports of Russian oil, analysts at Oslo-based consultancy Rystad Energy said on Tuesday.</p>.<p>Oil prices jumped on Monday to their highest since 2008 on fears of a Western ban on Russian oil imports while a return of Iranian crude to the market remains far from certain.</p>.<p>The global Brent oil benchmark currently trades at $129 a barrel, up from about $97 before Russia's invasion of Ukraine.</p>.<p>Oil prices could double from pre-conflict levels, but it wouldn't be as bad as during the 1973 oil embargo, when oil prices tripled, said Jarand Rystad at the consultancy.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/what-would-a-us-ban-on-russian-oil-mean-for-the-world-1089303.html" target="_blank">What would a US ban on Russian oil mean for the world?</a></strong></p>.<p>Rystad Energy analysts said the $200 estimate was based on an assumption that Western sanctions could remove about 4 million barrels per day (bpd) of Russian crude.</p>.<p>Russia, the world's second-biggest oil exporter, ships about 7 million bpd of crude and oil products combined.</p>.<p>The United States is expected to announce a ban on Russian oil imports as soon as Tuesday, a source familiar with the matter told Reuters.</p>.<p>Last week Rystad had predicted that Brent crude would climb above $130 a barrel because Russian exports were to plunge by 1 million bpd as a consequence of previously announced sanctions and voluntary actions by companies.</p>.<p>Shell, among others, said on Tuesday that it would no longer buy Russian crude oil and would phase out its involvement in all Russian hydrocarbons.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>Global oil prices could rise to $200 a barrel if Europe and the United States ban imports of Russian oil, analysts at Oslo-based consultancy Rystad Energy said on Tuesday.</p>.<p>Oil prices jumped on Monday to their highest since 2008 on fears of a Western ban on Russian oil imports while a return of Iranian crude to the market remains far from certain.</p>.<p>The global Brent oil benchmark currently trades at $129 a barrel, up from about $97 before Russia's invasion of Ukraine.</p>.<p>Oil prices could double from pre-conflict levels, but it wouldn't be as bad as during the 1973 oil embargo, when oil prices tripled, said Jarand Rystad at the consultancy.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/what-would-a-us-ban-on-russian-oil-mean-for-the-world-1089303.html" target="_blank">What would a US ban on Russian oil mean for the world?</a></strong></p>.<p>Rystad Energy analysts said the $200 estimate was based on an assumption that Western sanctions could remove about 4 million barrels per day (bpd) of Russian crude.</p>.<p>Russia, the world's second-biggest oil exporter, ships about 7 million bpd of crude and oil products combined.</p>.<p>The United States is expected to announce a ban on Russian oil imports as soon as Tuesday, a source familiar with the matter told Reuters.</p>.<p>Last week Rystad had predicted that Brent crude would climb above $130 a barrel because Russian exports were to plunge by 1 million bpd as a consequence of previously announced sanctions and voluntary actions by companies.</p>.<p>Shell, among others, said on Tuesday that it would no longer buy Russian crude oil and would phase out its involvement in all Russian hydrocarbons.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>