Oil is the most expensive in seven years. Will it break the $ 100 per barrel threshold?

This morning futures on Brent crude oil hit a new record in seven years: over USD 93 per barrel. Since the beginning of the year, the price of crude oil has increased by more than 20%, making it more expensive for seven weeks in a row.

After a 20% hike this year, analysts assume that the oil price may break the USD 100 per barrel barrier. This could be triggered by a recovery in demand, coupled with dwindling inventories and a supply disruption.

The White House warns of an attack "Any day"

The OPEC + countries seem to have difficulty meeting their production targets, despite approving plans to increase production. Geopolitical tensions in Eastern Europe remain high. The White House warned that Russia could attack Ukraine "any day"and this can also increase the need for oil.

The situation on the market could be improved by gas supplies from Iran. Investors, however, seem to be underestimating the progress made in the US-Iran talks. President Joe Biden's Administration restored sanctions waivers for Iranto enable the implementation of international projects on nuclear cooperation.

Cryptocurrency prices are also rising

Bitcoin price at the beginning of the week it exceeds 42 thousand. USD. This means that the cryptocurrency with the largest market capitalization costs the most since mid-January. As a result, from the last hole, which was marked on January 24, under the level of 33 thousand. USD, the price seems to be catching up, and the increase from the last low is around 30%.

The second most popular cryptocurrency, ethereum, costs $ 3100 this morning. Thus, from the low on January 24, the ETH may increase by over 40 percent, from around USD 2160. This type of rebound may again lead to considerations as to whether the earlier declines were a correction in the trend, or whether the current increases are a correction in the bear market. One thing seems certain: never before have we been able to observe the behavior of the cryptocurrency market in such a strongly changing macroeconomic environment with such a high propensity of central banks to raise interest rates.