5 key oil price moves since the start of Ukraine war Western sanctions, including US' oil import embargo, on Russia in retaliation to its invasion of Ukraine, has whiplashed crude oil markets.
That was reflected in the oil price moves since Russia's invasion of Ukraine on February 24.
During that periodBrent rose to multi-decade highs of nearly $140 a barrel and fell briefly below $100 a barrel.Here are 5 key price moves since the start of the Ukraine war:Since the day Russia invaded Ukraine on February 24; Brent crude oil prices have risen 11 per cent, despite deepened volatility andthe price action risk in the near-term is tilted more to the upside.February 24 - March 8: Crude oil prices went up, with the Brent hitting its highest since 2008 near $140 a barrel.
On March 7: Brent hit 139$ per barrel, its highest price since the 2008 financial crisis.March 9-16: Oil prices started falling from the peak closing price on March 8, after the United Arab Emirates supported a supply increase and reports emerged of US-Iran talks and supported sentiment.March 15: Brent crude oil price closed below $100 for the first time since the war started - on hopes of Ukraine-Russia peace talks, increased supply from other oil producers and fears of falling demand from China due to its COVID-19 outbreak.March 17-18: Oil prices started rising again, jumping above $100 a barrel and closed at around $108 on Friday, March 18.
Despite that rebound, benchmark contracts ended the week about 4 per cent lower on Friday, after having traded in a $16 range for the week.
Volatility was predicted to extend into the coming week driven by the news flow on the peace talks between Russia and Ukraine.