Commodities

Russia provides about 28% of the European Union’s oil imports, which would need to be sourced elsewhere in the event of an import ban. That’s a big reason why oil prices shot up over 3% in response on Monday and remain 42% above where it started the year. It’s also another example of how Russia’s actions over the last month have plunged commodities markets into disarray, with the world’s largest economic bloc rushing to reconfigure its energy supplies. Ted told you about the new opportunities emerging as the global energy trade is turned on its head. Yet there is another … perhaps even greater … disruptive force at play that is already sending shockwaves well beyond the borders of Europe.