But the conflict will have consequences for the whole world as it cuts off crucial energy and crop supplies, disrupts businesses and upsets financial markets, already under extreme stress as central banks prepare to tighten.
There is a lot going on out there so check here for the latest news on how the conflict is affecting markets, businesses and the economy.Brent crude spiked higher this morning touching $113.02 – its highest since 2014 — and U.S. crude came close to passing its 2013 peak as traders scrambled to find alternatives to Russian oil in an already tight market.If the conflict escalates and Russian exports are choked off altogether, oil could rise to a range of US$120 to US$140, says Capital Economics.
Capital also had a few thoughts on gold, which it expects will climb higher in coming weeks and months because of safe-haven demand. It forecasts that gold will remain firmly above US$2,000 an ounce in the first half of this year, but if there is an escalation in the conflict the yellow metal could soar to US$2,500.We apologize, but this video has failed to load.
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