Analysis of the Impact of Russia-Ukraine Conflict on World Crude Oil and Gold Price

Research Article
Open access

Analysis of the Impact of Russia-Ukraine Conflict on World Crude Oil and Gold Price

Bohao Liu 1*
  • 1 Northern Arizona University    
  • *corresponding author bl776@nau.edu
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/14/20230795
AEMPS Vol.14
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-71-3
ISBN (Online): 978-1-915371-72-0

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

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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References

[1]. Oplas, Bienvenido S. “Energy and Economic Impact of Russia-Ukraine War.” BusinessWorld Online, 28 Feb. 2022, https://www.bworldonline.com/opinion/2022/02/28/432834/energy-and-economic-impact-of-russia-ukraine-war/

[2]. Garcia, Lucia. “Economic Impact of Russia-Ukraine War.” Economist Intelligence Unit, 26 May 2022, https://www.eiu.com/n/global-economic-implications-of-the-russia-ukraine-war/.

[3]. Samiri, Issam, et al. “What Is the Economic Impact of the Russia-Ukraine Conflict?” NIESR, https://www.niesr.ac.uk/blog/what-economic-impact-russia-ukraine-conflict.

[4]. D'Alessio, Gino. “War in Ukraine: How Gold Prices May Be Impacted after Russian Invasion.” Gold IRA Guide, 4 Mar. 2022, https://goldiraguide.org/war-in-ukraine-how-gold-prices-may-be-impacted-after-russian-invasion/.

[5]. “Russia vs. Ukraine Effect on Gold.” Allegiance Gold, 28 Apr. 2022, https://allegiancegold.com/russia-vs-ukraine-effect-on-gold/.

[6]. domm, Patti. “Russia's Ukraine Incursion Could Complicate the Federal Reserve's Interest Rate Decisions.” CNBC, CNBC, 23 Feb. 2022, https://www.cnbc.com/2022/02/22/russias-ukraine-incursion-could-complicate-the-federal-reserves-interest-rate-decisions.html.

[7]. Hotten, Russell. “Ukraine Conflict: What Is Swift and Why Is Banning Russia so Significant?” BBC News, BBC, 4 May 2022, https://www.bbc.com/news/business-60521822.

[8]. “ [Economic Daily News] The impact of the Russia-Ukraine conflict on the world economy - Renmin University of China News Network: News of RUC.” [Economic Daily News] The impact of the Russia-Ukraine conflict on the world economy - Renmin University of China News Network| NEWS of RUC, https://news.ruc.edu.cn/archives/375234.

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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The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 2nd International Conference on Business and Policy Studies

ISBN：978-1-915371-71-3(Print) / 978-1-915371-72-0(Online)
Editor：Canh Thien Dang, Javier Cifuentes-Faura
Conference website: https://2023.confbps.org/
Conference date: 26 February 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.14
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Oplas, Bienvenido S. “Energy and Economic Impact of Russia-Ukraine War.” BusinessWorld Online, 28 Feb. 2022, https://www.bworldonline.com/opinion/2022/02/28/432834/energy-and-economic-impact-of-russia-ukraine-war/

[2]. Garcia, Lucia. “Economic Impact of Russia-Ukraine War.” Economist Intelligence Unit, 26 May 2022, https://www.eiu.com/n/global-economic-implications-of-the-russia-ukraine-war/.

[3]. Samiri, Issam, et al. “What Is the Economic Impact of the Russia-Ukraine Conflict?” NIESR, https://www.niesr.ac.uk/blog/what-economic-impact-russia-ukraine-conflict.

[4]. D'Alessio, Gino. “War in Ukraine: How Gold Prices May Be Impacted after Russian Invasion.” Gold IRA Guide, 4 Mar. 2022, https://goldiraguide.org/war-in-ukraine-how-gold-prices-may-be-impacted-after-russian-invasion/.

[5]. “Russia vs. Ukraine Effect on Gold.” Allegiance Gold, 28 Apr. 2022, https://allegiancegold.com/russia-vs-ukraine-effect-on-gold/.

[6]. domm, Patti. “Russia's Ukraine Incursion Could Complicate the Federal Reserve's Interest Rate Decisions.” CNBC, CNBC, 23 Feb. 2022, https://www.cnbc.com/2022/02/22/russias-ukraine-incursion-could-complicate-the-federal-reserves-interest-rate-decisions.html.

[7]. Hotten, Russell. “Ukraine Conflict: What Is Swift and Why Is Banning Russia so Significant?” BBC News, BBC, 4 May 2022, https://www.bbc.com/news/business-60521822.

[8]. “ [Economic Daily News] The impact of the Russia-Ukraine conflict on the world economy - Renmin University of China News Network: News of RUC.” [Economic Daily News] The impact of the Russia-Ukraine conflict on the world economy - Renmin University of China News Network| NEWS of RUC, https://news.ruc.edu.cn/archives/375234.

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