INSUBCONTINENT EXCLUSIVE:
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
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
prices went up, with the Brent hitting its highest since 2008 near $140 a barrel
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.
