February 22, 2022

Oil surges, stocks tumble as Ukraine crisis escalates

February 22, 2022

Oil surges, stocks tumble as Ukraine crisis escalates
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Oil surges, stocks tumble as Ukraine crisis escalates

Oil jumped to a seven-year high as Europe stands on the brink of war after Russian President Vladimir Putin mobilized troops into eastern Ukraine.  

Brent crude rose 6% to $99.35, its highest since September 2014 and WTI is trading at $95.67. Globally, markets took a dip; the S&P 500 fell 2%, Nasdaq fell 2.7% and European equities dropped 1.3%.  

Take advantage of the oil price!  

In Forex, the Yen rose 0.2% to a three-week high of 114.50p/d, while the Euro fell 0.1% to $1.1296. Unsurprisingly the Russian Rouble hit a one-month low of 80.289 per dollar. 

Traders turned to commodities such as oil, nickel, and aluminium  are at risk of supply disruptions if the situation deteriorates.  

The ongoing crisis in eastern Europe is affecting global markets with huge uncertainty and there’s no end in sight. 

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