Ukraine Conflict On Stock Market has sent stock markets plummeting as soaring oil and gas prices spark fears of a global economic shock. After the US stated it was negotiating a possible restriction on Russian shipments with other countries, oil prices rose to their highest level since July 2008.
Brent crude, the global benchmark for oil, climbed above $139 per barrel before dropping back to around $130. The energy markets have been shattered in recent days. As a result of supply concerns sparked by Russia’s invasion of Ukraine.
As gasoline prices and home bills rise, consumers are already experiencing the effects of increasing energy expenditures.
Consequences of Ukraine Conflict On Stock Market
The crisis continues to loom over the stock market. The biggest stock exchanges in France and Germany both fell more than 4% in early trading. While the FTSE 100 in London fell more than 2%. That followed a drop in Asia, with Japan’s Nikkei finishing over 3% lower. And Hong Kong’s Hang Seng trading is 3.6 percent lower.
For the first time in nearly 18 months, the price of gold, a haven for investors seeking security in difficult times, surpassed $2,000 per ounce. The Biden administration and its allies are mulling a restriction on Russian oil shipments, according to US Secretary of State Antony Blinken.
Later, US House Speaker Nancy Pelosi said the chamber was “exploring” measures to prohibit Russian oil imports and that Congress planned to pass $10 billion (£7.6 billion) in aid for Ukraine this week in response to Russia’s military assault.
In a letter, Ms. Pelosi stated, “The House is currently exploring strong legislation that will further isolate Russia from the global economy.”
The remarks come as pressure mounts on the White House and other Western nations to impose harder measures against Russia in response to its invasion of Ukraine.
A Russian oil embargo would be a significant step forward in the response to Ukraine’s invasion. Also, may have a significant impact on the global economy.
Gas Price
Costs have risen for consumers around the world in recent days as a result of increased wholesale energy prices.
According to the American Automobile Association, US gasoline prices at the pump have increased by 11% in the last week, reaching their highest level since July 2008. Petrol and diesel prices in the UK have risen sharply, averaging 153p and 157p per liter, respectively.
However, Mr. Spencer, managing director of Portland Fuel, said that bad news had continued to arrive and that costs were going to rise considerably more. The decision to purchase the fuel at a lower price was tough, the firm stated in a statement. It confirmed that it had purchased a cargo of Russian crude oil on Friday, saying that it had no other choice.
The impetus to find alternative suppliers has increased due to rising crude prices. And the possibility of a ban on buying Russian oil.