Ukraine-Russia Crisis: Global Stock Markets Recovering, But Oil and Gas Prices Keep Rising in the US

Russia's airstrikes on Ukraine's capital, Kyiv, as well as wheat-growing regions in the south and east, and port cities crucial to the country's agricultural exports, are continuing. The assaults have effectively halted commercial shipping in a nation that has been labeled as "Europe's breadbasket."

In a televised address from the White House on Thursday, US President Joe Biden condemned an "unprovoked and unjustified attack by Russian military forces," and announced a series of devastating sanctions against Russia, including strict export controls that will impose a severe cost on the Russian economy both immediately and over time.

Russian Invasion of Ukraine Shocks to Global Economy, Gas Prices

Global energy costs have risen as a result of Russia's invasion of Ukraine, with crude oil climbing above $105 a barrel for the first time since 2014. It had dropped to $90.86 a barrel by noon Eastern time.

On Friday morning, the average price of petrol in the United States was $3.57 a gallon, up from $3.54 the day before. Russia is a major producer of crude oil and natural gas, accounting for nearly 40% of the gas consumed by the European Union.

Sanctions imposed by the West may limit access to that supply, particularly after Germany halted construction of the Nord Stream 2 pipeline, which was supposed to transport natural gas from Russia to the EU across the Baltic Sea, CNET reported.

Even though the United States is not reliant on Russian energy, rising global oil prices have driven higher gas prices in the United States since late 2021. According to AAA, the national average for a gallon of petrol is currently $3.53, up 21 cents from January and 90 cents from a year ago. In July of 2008, the highest price for a gallon of normal petrol in the United States was $4.11.

On Wednesday, the S&P 500 sank 1.8 percent to an eight-month low and remained in the "correction" zone, with a loss of at least 10% from its latest high while the Dow and Nasdaq also closed down. Investors expect the Federal Reserve to begin raising interest rates as soon as next month to combat inflation, which has caused stock market declines in the United States this year, according to CBS News.

Ukraine's Volodymyr Zelensky Vows To Stay, Defend the Capital

Meanwhile, as Vladimir Putin's soldiers move to the city, Ukrainian President Volodymyr Zelensky posted a self-shot video from central Kyiv on Friday promising to remain and defend the capital against the Russian assault. Tonight, Zelensky and his closest aides swore to continue battling the Russian military attack to protect Ukraine and its independence.

After learning that Russian special forces were tracking him down to murder him, Zelensky warned EU leaders last night that "this might be the last time you see me alive." During a late-night conference call, Putin encouraged EU leaders to take more steps against Russia, according to a European official quoted by the Walla news site. Following the conference, the MPs decided to impose extra sanctions against Moscow.

On Friday, Russian troops fought briefly with Ukrainian forces for the first time in Kyiv. Larger troops are closing in the capital, and residents are braced for a night of air attacks. Putin called Zelensky's administration "terrorists and a gang of drug addicts and neo-Nazis" in a televised address from Moscow, inciting the Ukrainian military to revolt.

Last night, Zelensky disclosed that he is the number one target for Russian assassins in Kyiv, followed by his wife and children, as he insisted on staying in the city. Putin's attack dog army of special forces is on the search for the besieged president, with a list of Ukrainian officials to kidnap or murder. They were assigned the same duty in Crimea, Syria, and Chechnya in recent years, as per Daily Mail.