Oil prices skyrocket around the world as result of Russia-Ukraine conflict, sanctions

Oil prices surged above US$130 a barrel during trading on March 7, 2022, the highest level seen in almost 14 years. The spike came a day after the US said it had discussed the prospect of an embargo on energy exports from Russia as a further economic penalty on Moscow for its invasion of Ukraine starting February 24. Global oil prices eased somewhat after Germany’s new chancellor, Olaf Scholz, pushed back against comments from a US official about a potential Russian energy import ban. The…