Russia-Ukraine tension is again in the headlines after the recent statements from the top world leaders. US President Joe Biden has pivoted to allow Ukraine to use US missiles in Russia. Also, the US closed its embassy in Ukraine as well. Now after these statements, the world is looking towards what happens next because of Russia’s ongoing aggression in this war. As a result of this rising tension, the world seeing the impact of these actions on the prices of commodities like Crude Oil.
Crude Oil is one of the commodities that impact an economy directly. After this rising fear of nuclear war between Russia and Ukraine, crude oil prices soared. This immediate hike in the crude oil price is a concern for the businesses and it will impact the prices of essential goods as well.
Several industries will see the direct impact of crude oil price hikes. Currently, Crude Oil is already at ₹5,831.00 and there is a huge possibility that amid this rising fear of world war and use of nuclear weapons, the price will skyrocket. Brent Crude Oil futures price for January is at $73.27 a barrel.
Exploring the impact of crude oil on the paint industry then it was noticeable in the past months and years that a rise in crude oil prices always negatively impacted the paint industry. So, businesses related to the paint & chemical industry need to get prepared for more price hikes in crude oil globally.