Oil Prices Surge As Russia Undertakes Military Operations In Ukraine
Russian Military Operations
A few hours ago, Russian President Vladimir Putin announced a special military operation in Ukraine, saying that his plans "don't include occupation of Ukrainian territory, we are not going to impose anything on anyone by force" - as per Politico's reporting of the address. [1]
The Ukrainian Presidency called this "an unjustified deceitful and cynical invasion" and reported "strikes on military and other important defense facilities". [2]
Ukrainian Foreign Minster Mr Kuleba called for "Devastating sanctions on Russia NOW", including cutting it out of the SWIFT payment system. [3]
Western countries have condemned the attack, with US President Biden calling "unprovoked and unjustified" and pointed to further sanctions against Russia.
NATO Secretary General said that Russia's action "a grave breach of international law, and a serious threat to Euro-Atlantic security" and called it to cease its military action immediately. [5]
OIL Reaction
UKOIL tops $100/barrel for the first time since September 2014 and USOIL rallies to the highest level since August of that same year.
USOIl gains more than 5% at the time of writing, pushing for $100, which can open the door for 104.54 and beyond. From a technical prospective, the move is overextended, but any technical approach may be pointless at this point in time, as the move is entirely driven by the Ukranian developments.
This is a fast moving situation, with a constant stream of news, requiring caution as risk-aversion dominates markets and volatility is high.
Looking at the downside the first significant support is provided by the EMA200 and the 90.00- 88.00, but a strong catalyst will be likely needed for this level to be challenged.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 24 Feb 2022 https://www.politico.eu/article/putin-announces-special-military-operation-in-ukraine/ | |
| Retrieved 24 Feb 2022 https://www.president.gov.ua/en/news/rosiya-rozpochala-novu-vijskovu-operaciyu-proti-nashoyi-derz-73105 | |
| Retrieved 24 Feb 2022 https://twitter.com/DmytroKuleba/status/1496711163530424324 | |
| Retrieved 16 Apr 2026 https://www.nato.int/cps/en/natohq/news_192401.htm |
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