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Ukraine Conflict Disrupts Global Energy Markets

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The ongoing conflict between Russia and Ukraine has left global oil and gas markets in the uncertain and unstable, causing supply issues and price spikes, with oil reaching levels of more than $110 a barrel Thursday. The uncertain duration of the conflict, though, makes it difficult to predict how much of the disruption will be permanent and how much is just temporary.

Washington-based Gulf analyst Theodore Karasik tells VOA there are many “wild cards” in the ongoing military confrontation that “could drive energy prices up even further.” He argues that “in any case, there are big changes occurring in the energy industry.”

“The energy situation and the pricing is contingent upon how long this [conflict] goes for and to what degree it ends. We’ve already seen extensive sanctions put on Russia because of its actions in Ukraine. Those sanctions against Russia in the energy field are going to affect how the Russian energy industry…

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