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Oil prices rose above $110 a barrel in the week, reaching their highest since 2014, as Western sanctions tightened on Moscow over its invasion of Ukraine. The sanctions disrupted oil sales from Russia, the world's second-largest oil exporter.
OPEC+ decided to stick to its planned output increases.
Lost Russian barrels tighten global crude supply, pushing energy costs higher and raising grain and feed production costs through fuel, fertilizer and freight channels.
reuters.comMaha El DahanMar 2, 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.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
OPEC+ stuck to planned output increases despite the sanctions, so no extra supply offset Russian disruption.
