Moscow Exchange Last Week: MOEX Gains 2% as Oil Rally Lifts Russian Stocks
The MOEX Russia Index, priced in roubles, climbed roughly 2% to finish at 2,854.11 on Friday, wrapping up the trading week from March 2 to 6. But the RTS, which is calculated in dollars, edged down by about 0.5% for the period, according to market data. This time, it's crude that's pushing things around—not earnings. Brent jumped to $92.69 a barrel by Friday’s close, soaring 27% for the week. That’s the steepest weekly climb since spring 2020. The catalyst: conflict involving Iran that choked off traffic through the Strait of Hormuz, the key Gulf oil corridor. “Every day the Strait stays closed, prices will go higher,” UBS analyst Giovanni Staunovo told Reuters.
