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Ukraine's position across the energy transit corridors and Black Sea shipping lanes that supply Europe makes every military exchange there a commodity market event.
President Donald Trump reportedly called both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy as Ukraine struck Russian targets and Moscow launched another deadly barrage on Kyiv.
The simultaneous signals, one pointing toward negotiation and two pointing toward kinetic exchange, put markets on alert.
The constraint for commodity desks is that diplomatic phone calls and missile barrages do not price the same way, and the gap between them is where volatility accumulates.
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