Prolonged Russia-Ukraine war shakes up global energy stability

The prolonged Russia-Ukraine war started in February and dragging on into the second quarter of 2022, has caused a hike in global crude oil prices to high levels. The average price of ICE Brent crude oil increased from 13.86 USD per barrel in the first quarter of 2022 to 111.63 USD per barrel in May 2022, resulting from international sanctions on Russia’s oil exports, oil tanker insurance, individuals, trading, financial institutions and banning Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), in response to Russia’s invasion of Ukraine. This resulted in oil and cereal exports being disruption as Russia and Ukraine are…