Oil prices hit $120 per barrel on Thursday in light of the ongoing invasion of Ukraine by Russia. Crude oil prices have not seen such highs in nearly a decade, while sellers hope that the US-Iran nuclear agreement will aid in supplying barrels to a tight global market. The oil price surge has boosted the worry of “stagflation,” with fears rampant that the spike could cripple the European economy. Brent crude futures LCOc1—the international benchmark for oil—surged over 16%, while Russia’s continued incursion on Ukraine forced companies to shun Russian supply and increase prices. Price gains can be seen on metals like aluminum and nickel, which are currently at all-time highs due to trade concerns over supplies from the Black Sea region. Economists expect to see continued increases in the prices of commodities and raw materials in the weeks to come.
