The Russia-Ukraine War and Global Oil Prices: Will They Fuel Problems for the ASEAN+3 Region?

The Russia-Ukraine war has caused a surge in oil and other commodity prices to multi-year highs. Brent crude prices reached an intraday high of USD 139 per barrel on March 7, 2022, as uncertainty surrounding Russia’s oil exports increased. The prices of other energy as well as agricultural and industrial commodities have also jumped sharply. This note analyzes the dynamics of global oil markets and the risks to the global economic recovery, including possible spillovers to the ASEAN+3 region.

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