That’s because the world economy and financial markets are interconnected. As Covid demonstrated, events on one side of the planet can set off shockwaves on the other side.
“The average American household is going to bear the burden of Vladimir Putin’s invasion of Ukraine,” said RSM chief economist Joe Brusuelas.
Oil prices have jumped to levels unseen since 2014, in part because this conflict could derail Russian energy supply.
Russia is an energy superpower, producing 9.7 million barrels per day last year, according to Rystad Energy. That is second only to the United States and amounts to more oil than Iraq and Canada produced — combined.