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The markets are on edge today as fears of imminent Russian military action in Ukraine rise, hitting stocks and pushing oil to a seven-year high.
Brent crude, the international oil benchmark, hit the $96/barrel mark for the first time since September 2014, as geopolitical risks over Ukraine ripple through global markets.
Oil jumped as traders anticipated that a Russian invasion of Ukraine would disrupt energy exports. That would cause disruption at a time when the market is already tight with demand rising and supplies stretched.
Such a supply shock would rattle economies emerging from the pandemic, driving inflation even higher, while the broader financial system could be rocked if sanctions are imposed on Russia.
As Kyle Rodda of IG explains:
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