Commodity Shockwaves: Oil Soars, Gold Shines, Crops Sway as War, Weather & Policy Roil Markets
Key Facts: Energy: War Drives Oil Higher, Gas Steadies, Renewables Reshuffled Oil – War and Output Cuts: Crude markets rallied sharply to close the week, propelled by geopolitics. Brent oil settled at $70.13/bbl (▲1.0%) while WTI ended at $65.72 (▲1.14%), with both benchmarks posting their biggest weekly gain since June reuters.com. Traders pinned the surge on escalating war disruptions: Ukraine’s stepped-up drone strikes have knocked out portions of Russia’s refining capacity, forcing Moscow to halt diesel exports through year-end and extend a gasoline ban reuters.com. “Markets continued to be focused on the situation between Russia and Ukraine,” said John Kilduff