Inflation issue still matters

News of the day, Wednesday, 2 March:

Crude price reached 7-year highs today as supply tightening fears soar among Russia-Ukraine escalation. This morning WTI oil is fluctuating around $110, and Brent barrel is nearly at $111. The market is concerned about strict sanctions imposed on Russia, as it may cause supply outages in the future. Some countries have already started to neglect Russian crude, which might lead to a price increase of energy sources by Saudi Arabia and other major oil producers. Commercial oil stockpiles are at their lowest since 2014, while crude prices continue to refresh new maximums.

Gold futures slid 0.26% today as the US dollar strengthens after Biden's sanctions on Russia. The yellow metal price, a safe-haven asset, has increased by approx. 6.5% in February as the Russia-Ukraine conflict continues to escalate. Furthermore, investors are concerned about soon aggressive interest rate hikes. Federal Reserve is about to make decisions to fight soaring inflation in the next few months which indeed contribute to gold price gains.

The price of Brent crude is $111.01, WTI — $109.48, GBP/USD — 1.3292, EUR/USD — 1.1100, and gold costs $1939.50 per ounce.