Escalation in Ukraine War Brings Back Geopolitical Risk in Oil

The sudden escalation of the Russia-Ukraine war with the United States, UK and France allowing Ukraine to use long-range missiles to strike Russian territory and the subsequent change in Russia’s nuclear doctrine have brought the long-forgotten European geopolitical risk back, lifting ICE Brent slightly to $73 per barrel. - US crude futures have flipped to contango for the first time since February, signaling oversupply into a market that is increasingly worried about the impacts of potential Trump tariff wars and slower Chinese demand growth.…