Risk premium tied to Russia coup attempt may take hold when oil markets reopen
A Russian oil cargo ship carrying discounted crude anchored at a port in Karachi, Pakistan. Crude prices have been in a holding pattern for well over a month, and developments in Russia could change the narrative.The situation surrounding the Wagner paramilitary group's moves in Russia is highly fluid, but oil markets could see a geopolitical risk premium even if the late Saturday stand-down holds.
Prices have been stuck in a holding pattern for well over a month, though the latest development in the war could change the ongoing narrative in oil markets. Existing sanctions are designed to thwart capital flows to the Kremlin’s war chest without causing undue market disruptions. Land-locked countries in Europe, for example, continue to get Russian oil through pipelines.
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