Since the beginning of the year, the price of oil has surged by approximately 52%,
with its latest boost attributed to Russia’s invasion of Ukraine.
The current spike in oil prices highlights how this vital energy source has transformed
from being a catalyst for human progress into a potent economic and political tool,
capable of igniting global conflicts in extreme scenarios.
In recent weeks, Russia’s incursion into Ukraine has led to a sharp increase in the gross price of oil.
Oil is currently trading at around $115 per barrel, and some analysts suggest that it may climb even higher.
This marks the highest price at which oil has been traded since 2011.
The Geopolitical Ripple Effect
Clean fuels future
The connection between oil prices and geopolitical events has never been more evident.
Russia’s aggressive move into Ukraine, a country with significant agricultural and industrial capabilities,
has disrupted global energy markets.
The uncertainty surrounding this conflict has led to a surge in oil prices,
sending shockwaves throughout the global economy.