The cost of war: Oil has wildest week on record; dollar highest since 2020

Oil climbed nearly 5 per cent on Friday, ending a week in which it swung by more than $20 a barrel after Russia’s invasion of Ukraine roiled global markets and fuelled fears of a supply crunch. The euro, on the other hand, fell below $1.10, sending a gauge of the US dollar to the highest level since 2020, as the war in Ukraine drove demand for haven assets. 

Europe’s common currency fell to as low as $1.0973 as traders weighed the impact of Russian sanctions on the European economy. It approached a key support level that goes back to the euro’s