Palladium prices rose on Tuesday amid concerns about strong demand and lack of supplies to support such demand as the Ukrainian crisis develops.

Palladium prices tumbled 9% last week due to positive signals back then about the Ukrainian crisis, sparking prospects of increased supplies once more across the Black Sea.

The Crisis Won't End Soon 

Palladium however returned solidly higher as the Ukrainian crisis proved more persistent, with Russia facing even more sanctions after being accused of committing war crimes against civilians in Ukraine.

Russia is one of the world's major palladium producers and importers.

US President Joe Biden already described his Russian counterpart as a "war criminal" with similar sentiment coming from the French president Emanuel Macron.

So What's Expected for Palladium?

In the next few days, palladium prices are expected to increase even more as demand climbs from car companies and electronics, while supplies diminish across the Black Sea.

The dollar index  is up 0.1% as of 14:22 GMT to 99.1, marking a session-high at 99.1.

Palladium futures due in June rose 0.6%, after spiking past $3000 in the earlier days of the Ukrainian crisis.

Oil prices rose on Tuesday for another session away from two-week lows amid renewed concerns about supply shortages as the west prepares new sanctions on Russia.

Oil prices also bolstered by the current standstill in Iranian nuclear negotiations with the west, damaging prospects of returning Iranian supplies to the market this year.

US crude rose 1.8% to $105.57 a barrel, while Brent climbed 1.2% to $109.84, with a session-low at $107.71.

US crude rose 4.3% on Monday, the first profit in three days away from two-week lows at $97.82, while Brent rose 2.2% away from March 17 lows at $102.37.

Ukrainian Crisis 

US officials directly accused Russia of committing war crimes in Ukraine after recent reported massacres, with the US organization new sanctions on Russia in cooperation with Europe.

Germany said the west will agree on imposing new sanctions on Russia soon, after Ukraine accused Russia of committing war crimes.

Germany and Italy announced readiness to discuss banks on Russian gas supplies, the first such indication of a move against this vital resource.

Ukraine accused Russian forces of committing a "massacre" in the Ukrainian city of Botcha, which was denied by the Russian defense ministry.

The Nuclear Deal 

The west suspended its negotiations with Iran over reviving the nuclear deal of 2015, with Tehran blaming the US for failing to follow through on fixing the points of dispute.

Bitcoin rose on Tuesday for the third straight session on track to hit 2022 highs on renewed hopes for Russian demand.

The west is on track for a wave of new sanctions on Russia after accusing Moscow of committing war crimes in several Ukrainian cities, which might prompt Russian elites to use bitcoin and other cryptocurrencies for global payments.

At Bitstamp, Bitcoin rose $586.57, or 1.3% to $47,101, with an intraday low at $46,417, after closing up 0.5% on Monday, the second profit in a row.

Bitcoin surged to 2022 highs last week at $48,234 following supportive remarks by some Russian officials, as crypto market value rose $25 billion to a total of $2.17 trillion.

Ukrainian Crisis 

US officials directly accused Russia of committing war crimes in Ukraine after recent reported massacres, with the US organization new sanctions on Russia in cooperation with Europe.

Germany said the west will agree on imposing new sanctions on Russia soon, after Ukraine accused Russia of committing war crimes.

Germany and Italy announced readiness to discuss banks on Russian gas supplies, the first such indication of a move against this vital resource.

Such a move could prompt Russia to accept cryptocurrencies as payment for energy supplies.

Forecasts

Analysts expect  Bitcoin to keep hovering near current levels, trading between $44,500 and $47,000.

US dollar rose in European trade for the fourth straight session against major rivals on higher demand as US treasury yields surge.

Investors continue to shun risks amid resurging concerns about the Ukrainian war, with the west preparing even more sanctions on Russia.

The dollar index rose 0.1% to 99.05, with a session-low at 98,92, after closing up 0.4% on Monday, the third profit in a row.

US Bonds 

US 10-year treasury yields rose over 3% on track for three-year highs at 2.557% hit last week, underpinning dollar.

Recent US data showed unemployment fell to 3.6%, while average hourly earnings accelerated higher, bolstering the case for a US rate hike in May.

Now investors await the Federal Reserve's last meeting minutes, at which policymakers hiked rates for the first time since late 2018.

Ukrainian Crisis 

US officials directly accused Russia of committing war crimes in Ukraine after recent reported massacres, with the US organization new sanctions on Russia in cooperation with Europe.

Germany said the west will agree on imposing new sanctions on Russia soon, after Ukraine accused Russia of committing war crimes.

Germany and Italy announced readiness to discuss banks on Russian gas supplies, the first such indication of a move against this vital resource.

Ukraine accused Russian forces of committing a "massacre" in the Ukrainian city of Botcha, which was denied by the Russian defense ministry.