The brewing Russia-Ukraine geopolitical crisis is unlikely to have any significant impact on oil and gas flows, Jeff Currie, Goldman Sachs’ Global Head of Commodities Research, said in a Bloomberg TV interview.

Key quotes

The bank’s base case is “no disruption.”

“Sanctions or an accident are the two main potential sources of disruption to raw materials markets from Ukraine.”

“A sanctions-driven disruption would be “mutually-assured destruction” as “it’s not in the interest of anybody to stop the flows of energy through Ukraine.”

“However, there could be some upside for prices.”

“For oil, it’s probably worth about $2 a barrel and for natural gas about $4 per million British thermal unit,” he said, adding that “grain prices were also worth watching, given that Ukraine is a major exporter of wheat and corn.”