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Will The Georgia v Russia Issue Affect Energy Markets?

News that Georgia and Russia are officially at war has draw gasps of disbelief from many leaders around the world with some not even aware that frictions had risen so high. While the Georgian government was today rumoured to have suggested a ceasefire it seems as though the Russian forces are in no mood to step down. So how will this affect UK energy markets?

There are grave concerns that the move to bomb other parts of Georgia not originally part of the troubled areas will affect the supply of oil to Europe and worldwide markets. Unknown to many people, Georgia is actually one of the main oil supply lines to Europe and one of the few in the area which sidesteps Russian control. News that these supply lines and some of the more vital ports in the area are under attack will do nothing to calm already jittery nerves in the oil market.

While there is a long way to go until this dispute is resolved, and there is no current direct threat to oil supplies, this could all change with one direct hit. There is also a concern that shipping in the area will be disrupted and put further pressure on the energy markets of Europe.

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