Bitcoin falls and oil rises as the invasion goes on

News of the day, Monday, March 7

Oil prices surged more than 7% on Monday morning as USA and Europe threat Russia with an import ban because of the Ukraine invasion. Analysts notice that if the oil top exporter ban takes place, the crude prices might soar up to 185-200 dollars per barrel this year. The other factor for oil prices to rise is Iranian nuclear deal uncertainty. The mentioned deal's key point is an official refusal of Iran to develop its nuclear weapons. If the deal finishes successfully, Iranian crude oil will flood the global market again, covering possible outages connected with the Russia-Ukraine crisis. Recently Russia has demanded the West guarantee the newly imposed sanctions will not damage its trade relations with Iran. Responding to this, the US Secretary of State Antony Blinken said that the sanctions applied to Russia because of its Ukraine invasion have nothing to do with the Iranian nuclear deal. It will take several months for Iran to revive the oil supply after a long break since the embargo began in 2012.

Two major cryptocurrencies, Bitcoin and Ethereum, have decreased by 3.7% and 4.6% accordingly against the backdrop of Ukraine invasion concerns. Cryptocurrency prices have plummeted as the Russia-Ukraine conflict and connected economic issues are likely to stretch for a longer than expected period.

The price of Brent crude is $129.22, WTI — $124.60, GBP/USD — 1.3206, EUR/USD — 1.0865, and gold costs $1987.75 per ounce.