Brent crude began the month at $81.13/bbl, steadily rising throughout, caused by multiple geopolitical crises, before finishing the month at a 7-year high of $90.03/bbl.

GBP fluctuated throughout January, steadily rising to reach a high of $1.371 against USD on the 13th, before gradually declining before finishing the month at $1.342.

Brent crude prices rocketed due to destabilised relations between the West and Russia, with conflict between the two looming over Ukraine’s desires to join NATO.