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Analysis of the Impact of Russia-Ukraine Conflict on World Crude Oil and Gold Price
- 1 Northern Arizona University
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Abstract
The problem studied in this thesis is based on the volatility of the world economy as well as commodity prices exacerbated by geopolitical risks in the global economy due to the Russian-Ukrainian conflict. In the context of NATO's eastward expansion, tensions between Russia and Ukraine have been increasing, and an armed conflict broke out in February 2022. Russia and Ukraine are closely linked to the world economy, and their relations with a number of countries have been strained by the conflict, which has significantly changed the situation in the world and in some regions. Based on these international events and facts, this paper uses literature reading and analysis to discuss and explain the reasons for the changes in crude oil and gold prices and their impact on the international economy, especially on some European countries that import crude oil from Russia. It can be concluded that the Russian-Ukrainian conflict has multiple factors affecting the world price of crude oil, but the end result has led to its rise, which in turn has led to a rise in the price of gold as well.
Keywords
Russia-Ukraine conflict, crude oil, gold price, inflation
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Cite this article
Liu,B. (2023). Analysis of the Impact of Russia-Ukraine Conflict on World Crude Oil and Gold Price. Advances in Economics, Management and Political Sciences,14,86-90.
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Volume title: Proceedings of the 2nd International Conference on Business and Policy Studies
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