Possible scenario
Energy War Escalates
30% Chance
A second likely path is a further escalation of the refinery campaign and Russian countermeasures in fuel markets. Because Russia has already banned diesel exports after earlier refinery attacks, another Moscow-area strike raises the probability of tighter product restrictions and retaliatory attacks on Ukrainian infrastructure.
Initial impacts
- Market volatility Up
- Riskier companies' borrowing costs Up
- Oil prices Up
- 10-year Treasury yield Down
- US dollar Up
Secondary impacts
- Energy +1.0%
Portfolio impact
S&P 500-0.5%
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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