Brent and WTI prices have been rocketing in recent weeks and this has attracted a lot of attention from investors globally. Price rise of more than 75 per cent since November 2020 has been on account of major economies reopening and vaccinating their populations after the pandemic shut down factories and grounded planes in March 2020.
This has been a boon for exporters of oil and this flood of cash is a relief for energy behemoths like Saudi Arabia and Russia, two of the top producers in the global energy market. Although the rising oil prices are boon for exporters, the importing countries are feeling the heat with growth still lagging when compared to the pre-pandemic era and high oil prices are pinching the end consumers in the form of higher inflation.