A boycott would put huge pressure on crude and gas supply that has already felt a demand hit, analysts say
An offshore gas rig. Picture: 123RF/IGOR SHKVARA
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50. “A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand,” CMC Markets analysts said.
Global oil prices have spiked 65% since the start of 2022, with other commodities, raising concerns about world economic growth and stagflation. China, the world's No 2 economy, is already targeting a slower growth of 5.5% this year.and heating oil futures at $19.
Talks to revive Iran's 2015 nuclear deal with world powers were mired in uncertainty on Sunday after Russia's demands for a US guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources.
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