Possible scenario
Escalation and retaliation
20% Chance
Moscow may retaliate for the deep strike by intensifying attacks on Ukrainian energy or logistics infrastructure. This would shift the market reaction from a refinery-specific supply story toward broader geopolitical risk, though still below systemic-crisis levels.
Initial impacts
- Market volatility Up
- Riskier companies' borrowing costs Up
- 10-year Treasury yield Down
- Oil prices Up
- US dollar Up
Secondary impacts
- Energy +1.0%
- Industrials
Portfolio impact
S&P 500-0.6%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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