The worst is yet to come. Investors should expect prices for oil and gas to race even higher in the coming weeks, reflecting fragile supply dynamics in the oil market and the increasing likelihood of an embargo on Russian gas exports to Europe. There is a strong possibility of rationing for both petrol and diesel across Europe over the coming weeks and months. Things are going to get a lot worse before they get better. At the beginning of the year, this column argued that oil prices were likely to rise, reflecting the unique combination of constrained supply dynamics, low…

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