International oil prices soar close to $100... highest in about 7 years

[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] International oil prices have approached $100 per barrel due to concerns over supply disruptions caused by the Ukraine crisis.

On the 22nd (local time), according to major foreign media, Brent crude oil prices rose to $99.5 per barrel before trading at $98.77 as of 10 a.m. This is the highest level since September 2014.

Mike Kuri, Investment Director at Fidelity International, predicted that international oil prices could exceed $100. He analyzed that this is the result of the combined effects of the Ukraine crisis, a cold winter in the U.S., and insufficient investment in global oil and gas supply. He also stated that Russia, which supplies 10% of the world's oil consumption, is a key player influencing oil prices.

Meanwhile, oil prices have surged significantly due to increased demand following the spread of COVID-19, and the Ukraine crisis is fueling this upward trend.

The Organization of the Petroleum Exporting Countries (OPEC) and others have refused calls to increase supply. However, if the Iran nuclear deal is reached, supply could increase due to higher oil exports from Iran.

This content was produced with the assistance of AI translation services.