Russia’s invasion of Ukraine on Thursday morning sent oil prices beyond $100 for the first time since 2014 as supply fears gripped an already bullish market. In an extremely tight oil market with low spare capacity and high geopolitical risk, a successful Iran nuclear deal is the only event that could bring oil prices back down. While an Iran nuclear deal does appear to be within reach, even that will struggle to bring prices down if the Russia and Ukraine crisis continues to escalate. On Thursday morning, the 24th of February 2022, Putin gave a short speech in which he ordered a “special military operation” in the eastern region of Ukraine. This came a day after he delivered an aggressive speech, denying Ukraine its sovereignty and recognizing the independence of the Donetsk and Luhansk regions, situated on the eastern side of Ukraine. At the time of writing, there are […]