Unrelenting geopolitical turmoil and economic concerns have made the energy markets volatile this year. Lately, oil prices have come under pressure due to interest rate hikes by central banks, the strengthening of the dollar, and China’s strict lockdowns.
However, oil prices are anticipated to rise with the implementation of the European Union’s price cap on Russian crude. Moreover, a harsh cold winter could also increase energy bills. Additionally, the reopening of the Chinese economy after easing COVID restrictions might lead oil prices to break $100 per barrel in 2023.
