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Russia Energy Chaos Triggers the Biggest Market Shock in Decades

  • Disruption resembles oil crises of 1970s, says Goldman Sachs
  • An array of vital commodities have shattered price records
Bloomberg business news
WATCH: Goldman Sachs’s Damien Courvalin says demand destruction is the only thing that can stop oil shooting higher.Source: Bloomberg

Russia’s invasion of Ukraine and the resulting international backlash have plunged energy markets into chaos, threatening dire economic consequences that rival those of the 1970s oil shocks. 

Bloomberg’s gauge of raw materials was set for its biggest weekly gain since at least 1960 as sanctions on Russia scared off buyers. Coal racked up an unprecedented 80% rally, European natural gas broke price records and oil futures swung in the widest range in three decades.