The World Bank has predicted a global rise in oil prices due to Western sanctions

The current geopolitical situation in the world and the constantly updated list of Western sanctions may lead to higher oil prices, demand for gold and silver. This is stated in the World Bank (WB) report on October 29.

"Geopolitical tensions and conflicts may lead to higher oil prices, as well as a further increase in demand for those commodities in which investments are reliable, such as gold and silver," the report says.

In the oil industry, the introduction of additional sanctions may increase fuel prices beyond the baseline forecast, experts say.

"Extreme weather conditions caused by the stronger-than-expected El Nino phenomenon may harm agricultural production and increase demand for electricity for heating and cooling, which will raise food and energy prices," the report says.

Pushed off the bottom: oil prices rise amid sanctions

The United States has introduced new restrictions against Russian companies

On October 22, the US Treasury Department announced that the United States was imposing sanctions against Russian oil companies Rosneft and Lukoil. It was clarified that these companies are included in the sanctions list for activities in the Russian energy sector.

On the same day, Foreign Ministry spokeswoman Maria Zakharova said that Moscow considers the new US restrictive measures against Russian oil companies to be counterproductive. At the same time, she stressed that the new sanctions would not create significant problems for Russia.

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