Not an expert on oil pricing, but to me 300 USD per barrel seems too much. Consumer would go crazy with such prices at the gas station. The oil price went from 70 USD in January to around 120 USD now, so it wasn't even a 100% increase yet. Going to 300 would mean 300% from January, it's too much. The problem I see the higher the price will go, the more pressure will be put on Opec to increase production which will bring prices down again. Also if the oil price will be long time above 200 USD it's very lucrative to go back and trade with Russia cheaply.