There are weeks where nothing happens, and there are weeks that feel like months worth of events happen. Of course, this is poorly paraphrased, but this past week was one of the latter.
The week started with Russia’s withdrawal from the Black Sea Grain Initiative. This was the least surprising development, as Russia had not been fully participating in the corridor for months, threatening their departure. Many, myself included, had anticipated a relatively quick resolution as we had seen before, hence the sell-off Monday after Friday’s rally had continued into the overnight trade on Sunday.
