5 Key Oil Price Moves Since Start Of Ukraine War

During that period Brent rose to multi-decade highs of nearly $140 a barrel and fell briefly below $100 a barrel.

Here are 5 key price moves since the start of the Ukraine war:

1. Since the day Russia invaded Ukraine on February 24; Brent crude oil prices have risen 11 per cent, despite deepened volatility and the price action risk in the near-term is tilted more to the upside. 
2. February 24 - March 8: Crude oil prices went up, with the Brent hitting its highest since 2008 near $140 a barrel. On March 7: Brent hit 139$ per barrel, its highest price since the 2008 financial crisis. 
3. March 9-16: Oil prices started falling from the peak closing price on March 8, after the United Arab Emirates supported a supply increase and reports emerged of US-Iran talks and supported sentiment.
4. March 15: Brent crude oil price closed below $100 for the first time since the war started - on hopes of Ukraine-Russia peace talks, increased supply from other oil producers and fears of falling demand from China due to its COVID-19 outbreak.
5. March 17-18: Oil prices started rising again, jumping above $100 a barrel and closed at around $108 on Friday, March 18. Despite that rebound, benchmark contracts ended the week about 4 per cent lower on Friday, after having traded in a $16 range for the week. Volatility was predicted to extend into the coming week driven by the news flow on the peace talks between Russia and Ukraine.