Oil futures are now in a bear market, declined over 20%. The price is now showing up as a recession/stagnation based beatdown. Final price support at $94. OVX (oil volatility) is beginning to pick up.

Chart above is a little messy, but you should get the gist.  Oil is showing both slowing down and inflationary pressures within the global economy.   So, it would be premature to call this an oil crash, as OPEC will be reluctant to increase output to hammer the price lower on the back of industry operational costs going upward and the price showing more volatility than the industry would like.  Please refer to the OVX chart (oil volatility) in the below pane, on the 28th Feb the OVX was at 56% the oil price @ $95, as of 6th July the OVX is at 56% and the oil price is rangebound at $97 and $99.   The 28th/2 was the beginning of the Ukraine/Russian war with speculation that Europe/U.S. would begin oil sanctions, they were for the most part tardy on their response.  It would seem Putin will do that for them re: Germany energy crisis.  Yet, even though oil is a very good indicator to both global inflation and deflation, the markets are confused in looking for a primer either way.  Central Banks are well aware that inflation is now sticking to everything, so even if the price oil declines ($60 to $90s is still at a premium, pending USD strength or weakness) we may see wheat, soybeans and other food commodities begin to rise as Autumn/Winter northern hemisphere begins to approach.

Do not underestimate Russia's resolve to strike back at the West with inflation.  A war machine that produces both energy and food can wage on for long time...