Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase analysts warned. Russia has reduced gas exports to Italy by 15% from normal levels, an Italian official said.
The death toll in Friday’s Russian missile strikes near the Black Sea port city of Odesa is now estimated at 21 people, with dozens more injured. A high-rise apartment building and a recreation center were hit, a day after Moscow’s forces withdrew from a strategic island about 100 miles to the south.
The Pentagon released details of the latest $820 million tranche of US security assistance for Ukraine. The European Union will propose 1 billion euros in short-term financial relief for Kyiv’s urgent cash needs. Russia is easing labor rules in a bid to boost arms production in the face of Western sanctions.