Inflation is finally cooling — but the Wagner Group's attempted mutiny in Russia may send it back up, analysts warn
both jumped over 1% on Sunday. As of Monday, oil prices have come off — but analysts say oil futures could continue posting gains due to the geopolitical risk in energy giant Russia.
Geopolitical events in big oil producers have increased oil prices by an average of 8% in the five days after the start of the triggering event, Leon added. Examples include the 1990 Iraqi invasion of Kuwait, and the outbreak of war between Russia and Ukraine in early 2022. Even if there isn't an immediate hit to oil production in Russia, the unrest could spill over into former Soviet countries that also produce oil, such as Kazakhstan and Azerbaijan, added Leon. Such an event could send prices up.
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