Russia warns oil prices could hit $300 a barrel if the US and Europe reject Russian oil, says the move would have 'catastrophic consequences'
Russia warned of $300-a-barrel oil and threatened to cut off gas supply to Europe amid sweeping Western sanctions over the invasion of Ukraine.the US was discussing a ban on Russian oil with Europe.
Oil futures are currently about $120 a barrel after surging 60% year-to-date on the back of fears about supply disruption. Russia is the world's third-largest oil producer. The country also supplies about 40% of Europe's gas demand and the jitters sent Dutch gas futures — the European benchmark — soaring 80% on Monday.
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