Market Speaks: Russia Announces Mobilisation Of Citizens In Reserve Forces, Oil, Gas And Wheat Prices Jump

21 Sep 2022 , 02:51 PM

A sharp surge was noted in commodities like Crude oil, Natural Gas and Wheat today as supply worries dominated the sentiments. The Russia-Ukraine war seemed to be headed for an ugly turn after the recent wave of reports signaling that Ukraine won back some territory. The Russian President Vladimir Putin announced a partial mobilisation of citizens in reserve forces as Moscow loses ground on the battlefield. Putin also said that Russia will use all the means at its disposal to protect its territory, triggering fresh worries on geopolitical front. WTI Crude oil surged more than 2% to $85.75 per barrel following this while Natural Gas also jumped around 2% to $7.88 per mmbtu. Wheat futures soared to around two and half month high of $9 per bushel as well, triggering fresh buying. Powered by Commodity Insights