IG Markets Analyst Kyle Rodda says how the Ukraine conflict evolves will drive how the world responds to the “volatile environment” for energy markets.
It comes as President Joe Biden announced plans to release up to one million barrels of oil a day from the strategic reserve to curb inflation affected by the war in Ukraine.
My Rodda said there are major disruptions along the energy landscape, especially with high inflation and geopolitical concerns.
“If we do see Russian exports cut from the rest of the world, it will probably negate a lot of those efforts from the US government,” he told Sky News Australia.
“It’s still a very, very volatile environment for energy markets.”
