Russian supply cut may drive oil prices to $200: Bloomberg

RIYADH: Oil could rise to over $200 before the end of March as the risk of a cutoff from Russian supplies looms, Bloomberg reported some traders warning. 

The prices of crude options are increasing, with at least 200 contracts traded for the option to buy May Brent at $200 a barrel, according to ICE Futures Europe data. 

The June Brent $150 a barrel call option has doubled on Monday, compared to last Friday, ICE reported, adding that the cost of the $180 call options increased by 110 percent. 

Last week, the global investment bank JPMorgan Chase & Co stated that continued Russian supply disruption could end the year at $185 a barrel. 

Additionally, Australia & New Zealand Banking Group said around 5 million barrels a day of pipeline and seaborne oil are being affected by the newly imposed sanctions.