Oil Prices Spike To Over $100 A Barrel As Russian Invasion Continues

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For six days, Russian military forces have led attacks on several of Ukraine's biggest cities, causing more than 600,000 people to flee their homes. The UN estimates that at least 14 children are among the hundreds of people who've been killed in the invasion so far and the impact of Russia's deadly invasion of Ukraine are far-reaching.

Around the world, people are voicing their support for the people of Ukraine while the global economy reflects the uncertainty of Russia's war on Ukraine.

On Tuesday (March 1) oil prices surged passed $100 per barrel, marking a 6.6% and the highest price point since 2014, according to The Hill.

The invasion is also putting a strain on agricultural prices –– which were already high amid record-breaking inflation rates. Wheat and corn are among the crops with increasing prices, each rising 4% per bushel after already being up more than 20% this year alone. This is significant because Ukraine is a key exporter of these crops.

The US and allies have imposed severe economic sanctions on Russia, freezing billions in financial assets, which has prompted Russian oligarchs to call for peace.

Investors are closely watching the economy, too with many transferring funds to more secure government bonds, while they await the action of The Federal Reserve on interest rates.

The February 2022 jobs report is expected to come out on Friday (March 4) and will likely be an indicator in how the Fed decides on interest rates.

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