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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