Energy prices climbed significantly in the first quarter of 2022, driven by solid demand and supply-side constraints exacerbated by Russia’s invasion of Ukraine. However, recently, oil and gas prices have retreated from their peaks.
Fears of an economic slowdown, led by steady interest rate hikes by the Federal Reserve and other major central banks in their attempt to tame inflation, have played a significant role in keeping energy prices in check. Crude Oil has dipped more than 13% over the past three months to end up below $75 a barrel.
