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5 Major Oil Price Movements Since the Beginning of the Ukrainian War


5 major oil price movements since the beginning of the Ukrainian war

Western sanctions, including a U.S. oil import embargo, on Russia in response to Ukrainian aggression, have affected the crude oil market. That is reflected in the movement of oil prices since the Russian invasion of Ukraine on 24 February.

Here Are Your Top 5 Oil Price Movements Since the Start of the Ukrainian War

During that period Brent rose to a multi -decade high of nearly $ 140 a barrel and fell briefly below $ 100 a barrel.

Here are the 5 main price movements since the beginning of the Ukrainian war:

  1. Since the day Russia invaded Ukraine on February 24; Brent crude oil prices have risen 11 percent, despite deeper volatility and the risk of price action in the near term more skewed upwards.

  2. February 24 – March 8: Crude oil prices rise, with Brent hitting its highest level since 2008 near $ 140 a barrel. March 7: Brent hits $ 139 a barrel, the highest price since the 2008 financial crisis.

  3. March 9-16: Oil prices begin to fall from the peak closing price on March 8, after the United Arab Emirates backed up supply increases and emerged reports on U.S.-Iran talks and support sentiment.

  4. March 15: Brent crude oil price closes below $ 100 for the first time since the war began-on hopes of Ukraine-Russia peace talks, increased supply from other oil producers and concerns of declining demand from China over the COVID-19 outbreak.

  5. March 17-18: Oil prices began to rise again, soaring above $ 100 a barrel and closing at about $ 108 on Friday, March 18th. Despite the bounce, the benchmark contract ended the week about 4 percent lower on Friday, after trading in the $ 16 range for the week. Uncertainty is forecast to continue into the coming weeks driven by news flows about peace talks between Russia and Ukraine.

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