Brent crude oil prices could easily rise above $100 a barrel again if the loss of supply from Russia is close to 3 million barrels per day after the EU embargo on Russian oil imports by sea comes into force, the International Energy Forum (IEF) reported.

IEF, and many consuming countries, are concerned about what will happen to the oil market when EU sanctions take effect, IEF Secretary General Joseph McMonigle said in an interview with Bloomberg TV.

According to IEF, the world's largest international organization of energy ministers, the oil market may lose from 1 to 3 million barrels per day of oil supplies from Russia after the entry into force of sanctions. In this case, the price of Brent Crude oil would easily exceed $100 per barrel.

According to McMonigle, there will be more volatility with the start of the embargo, because there will not be much transparency about the actual number of Russian barrels leaving the market. So Brent crude prices could go "well above $100" with a lot of volatility, which is not good for the market, he said.