Oil has been a key concern because Russia is one of the world’s largest energy producers.
The latest bump in prices increases pressure on persistently high inflation that threatens households around the world.
Russia’s invasion of Ukraine has also put more pressure on agricultural commodity prices, which were also already getting pushed higher with rising inflation. Wheat and corn prices rose more than 4% per bushel and are already up more than 20% so far this year. Ukraine is a key exporter of both crops.
The conflict in Ukraine has shaken markets globally and added to worries about economic growth in the face of rising inflation and plans from central banks to raise interest rates. The U.S. and its allies have been puttingas that nation continues its push into Ukraine and its key cities. Various companies have announced plans to scale back or pull out from ventures in Russia, or to suspend operations in Ukraine due to the conflict. The Russian central bank has also raised its key rate to 20% from 9.5% in a desperate attempt to shore up the plummeting ruble and prevent a run on banks. Russia’s stock market remained closed on Tuesday.
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