As the global economy started to recover from the Covid-19 pandemic, world oil prices also began to pick-up, increasing by 48% for the period January to December 2021. The momentum of the economic recovery, however, has been disrupted by the Russia-Ukraine war which started on 24 February 2022. It has triggered further escalation in oil prices from US$93.1 per barrel in January 2022 to as high as US$113 per barrel in March 2022, and settling at US$108.3 per barrel in May 2022. This translates to as much as 101% increase in world oil prices from January 2021 to May 2022.
