One month after the start of the Russian invasion of Ukraine , oil markets are still dealing with significant volatility in supply and prices that is showing few signs of relaxing, which will lead to more social unrest and force governments to extend aid packages to households and companies. European oil benchmark Brent crude broke $120 per barrel on March 23 as traders remain concerned about supply shortages as major refiners shun Russian crude oil. On March 22, French supermajor TotalEnergies announced that it would phase out its purchases of Russian crude oil and petroleum by the end of 2022 and no longer buy Russian crude on the spot market.