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The US and Japan agreed to coordinate on the currency and economic fallout of the Ukraine war. Treasury Secretary Yellen discussed a proposed price cap on Russian oil, saying a US official had warned that oil could surge about 40% to around $140 a barrel without the cap and sanction exemptions.
The US said it had not settled on a specific cap level.
Sanctions and price-cap policy on Russian crude could tighten global oil supply and lift energy costs, which feed through to fuel, freight and fertilizer costs for feed producers. The outcome of the cap is still uncertain.
reuters.comAndrea ShalalJul 11, 2022After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
