Why are oil prices continuing to rise?

<p>A sharp rise in energy prices could be problematic for economies already reeling from the effects of high inflation. </p> <p>The oil price shock couldn't have come at a worse time for the global economy, which was already reeling from high inflation. Brent crude, a global benchmark, was trading at around $114 per barrel on March 3, after reaching a 10-year high the day earlier.</p> <p>As Russian forces continue to bomb Ukrainian cities, concerns about the disruption of power supplies to global markets are growing. </p> <p>According to a JP Morgan analysis of the situation, crude oil could reach $185 per barrel by the end of the year if Russia, the world's third-largest oil producer, continues to face transportation issues. </p> <p>Financial sanctions have been imposed on Russian banks and corporations by the United States, Canada, and European Union member nations. </p> <p>Despite the fact that the sanctions do not immediately target Russian oil and gasoline infrastructure, they have frightened customers. </p> <p>Around 66 percent of Russian oil is struggling to find takers because transport companies and merchants are afraid of being caught in the sanctions trap. </p> <p>Consumers are so concerned that they are unwilling to trade in Russian oil, even if it is offered at a steep discount, according to Bloomberg. </p> <p>This does not bode well for central bankers who have attempted to tame excessive inflation in a number of developing and developed economies. According to the World Financial institution, excessive inflation has already become a worldwide issue. </p> <p>A rise in oil prices will put pressure on the currencies of countries that rely on imports of energy. </p> <p>With 5 million barrels per day, Russia is the world's second-largest crude oil exporter, trailing only Saudi Arabia. It also supplies approximately 2.8 million barrels per day of petroleum products, including gasoline, to global markets. </p> <p>Russia accounts for 5% of global oil supply. This may appear insignificant, but in