Russia accounted for about 10 percent of the world’s oil supply when she invaded Ukraine in February 2022. From mid-March to mid-June, oil prices hovered between $80 and $100/barrel, then dropped to the $70–80 range from mid-June through the end of July. Early on, in mid-March, Trump removed sanctions on Russian oil for one month, which added 200 million barrels of oil to the markets. The chaotic, unpredictable, rapidly changing nature of war can explain much, but I think not all, of this disconnect between “paper” futures prices and physical oil prices. trading algorithms are affecting oil prices?