Russia-Ukraine war: How rising crude oil prices impact us in ways we don’t quite notice
India Today
There are many interlinked aspects. It’s a complex web of factors, and the lines of cause and effect are often blurred. Here’s your guide on how rising crude oil prices impact you directly.
Russia’s invasion of Ukraine continues. Amid all the strategic, geopolitical and humanitarian concerns, there has been a lot of talk about rising crude oil prices and their impact. The impact is on all of us, down to you and also Chadha ji in your neighbourhood.
There are many interlinked aspects of this situation. It’s a complex web of factors at work where the lines of cause and effect are often blurred. Let’s try to unpack some of the most fundamental ones.
Why is the conflict causing global crude oil prices to rise?
Crude oil prices had been rising even during the build-up of Russia’s President Vladimir Putin’s special military operation in the Soviet-era constituent, Ukraine, backed externally by the US-dominated military alliance called Nato (North Atlantic Treaty Organization).
This was because the world feared the war would lead the West to ban Russian oil. Even before the US and the UK banned Russian oil and gas imports, some countries had halted their purchases, while others went into panic-buying. Prices soared to a 14-year high of $140 a barrel on March 7. They have come down since then but only slightly.
THE RUSSIA FUEL
Rising oil prices leads to the question: Why does Russian fuel matter?
