Crude oil prices went up by roughly 5% on Monday, while the rouble fell a staggering 30% marking a new record low. The spike in oil prices comes as Western nations place additional sanctions on Russia for its invasion of Ukraine, including the suspension of several Russian financial institutions from the SWIFT international payment system. The recent escalation of the Russia-Ukraine crisis has led to fears of disruptions among oil supply chains, resulting in Brent crude LCOc1 futures going up by $4.21 or 4.3% to $102.14. Other markets were not left behind, as Dow futures dropped 539 points, while S&P 500 futures and Nasdaq 100 futures fell by 2.41% and 2.58%, respectively. Russia’s currency, the rouble, dropped to a record low of 29.37%, or 119 roubles to the dollar in light of recent events.
