From the Liveblog of
Wednesday, March 2, 2022
Oil tops $110, equities sink amid investor concern over Russian invasion of Ukraine
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Crude surges past $110 a barrel and equities sink with investors growing increasingly fearful about the Ukraine war’s impact on global energy supplies and the economic recovery.
Vladimir Putin’s invasion of his neighbor has sent world markets into a spiral over the past week, further fraying nerves on trading floors caused by runaway inflation and tighter central bank monetary policies.
The crisis sees numerous countries hammer Moscow with a series of wide-ranging sanctions that have isolated Russia and threaten to crash its economy.
The measures have injected a huge amount of uncertainty into markets with supplies of crucial commodities including metals and grains soaring. The price of global staple wheat is sitting at a 14-year high — having risen 30 percent in the past month.
The Times of Israel Community.