Oil prices have been volatile in recent weeks, soaring to record highs earlier this month but then tumbling to below $100 last week. However, prices rebounded later that week, surpassing that mark. Moreover, on Monday, oil prices moved higher after Russia-Ukraine talks appeared to yield no sign of progress, and markets remained anxious over tight supply. The international benchmark Brent crude climbed above $111 a barrel, while U.S. futures at $108.25.
Additionally, the U.S. Energy Information Administration sees crude oil prices higher than $100 per barrel in the coming months. The United States, the United Kingdom, and the European Union have announced new limits on energy imports from Russia lately, and several international oil companies have announced plans to stop their operations in Russia and end partnerships with Russian firms, which could lead to upward pressure on oil prices. On the other hand, according to OPEC+ latest report, some producers are still falling short of their supply quotas.
