War in Eastern Europe continues to impact global energy markets:
War in Eastern Europe continues to impact global energy markets:Oil futures settled 2% lower in volatile trading on Thursday, buoyed by hopes that Iranian oil could soon help replace disrupted supplies from Russia.
In late-morning trading today, WTI futures were up 4.0% at $111.70/bbl, Brent was up 3.6% at $114.40/bbl, and U.S. natural gas was 3.8% higher at $4.90/MMBtu.
IKEA closed all its Russian stores, halted production in the country and banned all exports and imports with Russia and Belarus.
Nike is temporarily closing all its Russian stores.
The EU is looking to remove Russia’s most-favored nation status at the World Trade Organization, potentially unleashing tariffs on $105 billion in Moscow exports to the bloc. Canada removed Russia as a favored trading partner.
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