Why Russian Invasion Peril Is Driving Oil Prices Near $100

The threat of a Russian invasion of Ukraine is shaking up a fragile global oil market

Demand for oil has outpaced production growth as economies slowly rebound from the worst of the pandemic

Leaving the market with a small buffer to mitigate an oil-supply shock

Crude oil prices, which haven’t topped $100 a barrel since 2014, jumped to an eight-year high on Ukraine concerns Friday

Russia, in turn, relies heavily on revenue from its fossil fuel exports, making it unlikely to shut the spigot in its own act of retaliation

About 60% of Russia’s oil exports go to Europe and another 30% go to China

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