Oil prices could hit $240 per barrel this summer in the worst-case scenario. Oil prices could hit $240 per barrel this summer in the worst-case scenario if Western countries roll out sanctions on Russia’s oil exports en masse. That’s according to Rystad Energy’s head of oil markets, Bjørnar Tonhaugen, who made the statement in an extraordinary market note sent to Rigzone on Wednesday. “Market volatility is at an all-time high, with prices surging on the expectation that supply will further tighten due to restrictive sanctions on Russian energy from the West,” Tonhaugen said in the statement. “Although fortunately not the most likely scenario, traders, analysts and decision-makers alike should prepare for elevated prices based on the current landscape,” he added in the statement. “This is the largest energy crisis in decades and the impact on the world’s most important commodity is going to be unprecedented,” Tonhaugen continued. In the […]