The price of oil tumbled more than 7 percent on March 15 to its lowest level three weeks, despite supply disruptions caused by the conflict in Ukraine and surging COVID-19 cases in China. The steep decline followed after supply disruption fears eased when Russia’s Foreign Minister Sergei Lavrov stated that Moscow is in favor of resuming the 2015 Iran nuclear deal as soon as possible. Speculators are hopeful that a revision of the Iranian nuclear deal, backed by Russia, would lead to Iranian oil sanctions being lifted and allow Tehran to resume crude exports. On March 15, a Ukrainian negotiator said that talks with Russia for a ceasefire and a possible end to the war had resumed and are still ongoing. The war in Ukraine has led to rising commodity prices, which have further exasperated global inflation and disrupted trade flows and transportation logistics, partially offsetting the gradual easing of global supply …