Global oil markets are directly and indirectly interconnected, and any shift in supply or demand in one part of the world impacts the rest of the world, mostly in the form of price changes.
Since Russia invaded Ukraine nearly three weeks ago, global oil supply dynamics (real and imagined) have shifted with oil prices swinging between $95 and $130 per barrel finally steadying at around $110 early this week. And these price changes are already reflecting at retail pumps across the world.
