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The first quarter was quite eventful for Wall Street, but the war in Eastern Europe was clearly a standout. Geopolitical tensions rattled financial markets, weighed on equities, and sparked a commodity price shock after the United States and its allies imposed heavy economic costs on Russia for invading Ukraine. Oil prices, already on an upswing on supply-demand imbalances, soared to triple digits, reaching levels not seen since 2008. That owed to a rising risk premium and disruptions in energy trade flows after major international buyers began to ostracize Russian crude to avoid becoming entangled in sanctions indirectly.