Expensive oil – level 3

10-03-2022 07:00

Oil prices soared above 9% on Monday, and they hit their highest level since 2008.

The price of natural gas is closely linked to crude oil. The global benchmark of Brent crude hit 139 dollars a barrel on Monday. The record was reached in July 2008 for $147.5 dollars a barrel; however, some analysts think that this record could be passed because of the geopolitical impact of the Ukraine crisis. The US and European allies of Ukraine are considering a ban on Russian oil; however, this would put pressure on oil and gas supply. Global oil prices have increased by 67% since the start of this year, and they increased fuel prices.

Analysts said that if most of Russia’s oil stopped being sold, the world could be without 5 million barrels. That meant that oil prices could double from 100 to 200 dollars a barrel.

Difficult words: crude (raw), benchmark (a standard that people use to measure or judge other things of the same type), geopolitical (relating to politics from a country’s size, position, and so on).

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