Geopolitical Risk and Supply Outages Underpin Oil Prices

Crude oil prices moved higher this week, supported by escalating geopolitical tensions. The Russia-Ukraine conflict has intensified, with Ukraine using long-range missiles supplied by the U.S. and Britain to strike targets within Russian territory. In response, Russia launched an intercontinental ballistic missile for the first time since the war began, raising fears of further escalation. Market participants are closely monitoring the conflict for any potential threats to global energy supplies. While Russian oil exports have remained largely...