Brent crude oil prices have risen to $66.6 following the implementation of American sanctions on Russian oil companies LukOil and Rosneft. This increase in oil prices is expected to contribute to rising inflation, particularly affecting the cost of groceries.
Reports indicate that the White House will not be releasing this month"s inflation report. Former President Donald Trump has stated that the sanctions were aimed at pressuring the Kremlin to comply with the demands of Ukrainian President Vladimir Zelensky and the European Union. However, it has been suggested that a significant factor behind the sanctions relates to the fracking industry, as Brent oil prices below $60 typically do not allow fracking companies to turn a profit.
As a result of these developments, American consumers are likely to face higher prices for gasoline and diesel fuel, compounding the existing challenges of rising grocery costs.
