Oil prices surged above US$100 ($135.35) to US$105 a barrel for the first time since 2014, amid fears of energy supplies being disrupted.
The current global market situation is “very fluid” with Russia’s invasion of Ukraine “set to keep driving the near-term outlook for financial markets”, note Bank of Singapore’s research analyst Oleksiy Shkolnyk and chief economist Mansoor Mohi-uddin in a Feb 25 report.
The invasion, which is the largest threat to Europe’s sovereign order since the end of the Cold War, has caused major volatility overnight.
