Yellen say Oil prices could spike in winter

According to US Treasury Secretary Janet Yellen, US gas and oil prices may rise in winter due to substantial cuts in EU purchases of Russian oil.

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The EU will impose sanctions on Russian oil and services, potentially leading to price increases in US oil and gas Credit: Getty Images

G7 countries have called for withdrawal of services like insurance, finance, brokerage, navigation on oil priced above the price limit set on crude oil products.

At the beginning of the year, the US government imposed sanctions on Russian oil and gas so that investments in Russia's energy sector could not be done. Credit: Getty Images

Dotted Diamond According to Yellen's statement, the purpose of the price cap is to reduce Russia's revenue in the Russia-Ukraine war so as to end the war.

The statement made by Yellen clearly indicated a jump in oil and gas prices by the end of winter.

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