U.S. inflation is already at the highest level in four decades. Russia's full-scale attack on Ukraine could push it even higher.
That's because the conflict has already sent oil prices above $100 a barrel for the first time since 2014, with some prices jumping as high as $105 on Thursday after Russia launched a broad offensive against Ukraine late Wednesday night, hitting cities and bases with airstrikes and shelling. Brent crude, the global benchmark, surged more than 8%, hitting $105.50 early Thursday. U.S. oil prices, meanwhile, climbed to more than $99.
Germany already halted the certification of the Nord Stream 2 gas pipeline from Russia, while the U.S. and the European Union have also levied harsh financial sanctions against Moscow after it recognized two breakaway regions in eastern Ukraine. Additional sanctions are expected after Russia launched a wide-ranging attack on Ukraine that threatens to upend the geopolitical order and reverberate throughout the rest of the world.
Although the invasion sparked fresh jitters about the possibility of a new world war, the U.S. and its NATO allies have so far shown no indication that they would join the war against Russia.
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