Catching up with the newspapers, one might be forgiven for thinking that Armageddon looms. But then we turn to the market data for the traditional calibration and yes, the price of oil is gently falling: we are back to $108. The combined agonies of Gaza, Iraq and Donetsk do not register on the curve.
European natural gas prices continue to fall even more markedly. The premium over the the US price - for several years a very scary thing for European industry and economy as a whole - is down to under 50%, the lowest it's been for a long time. (It was more than 200% as recently as last November.) Even more striking, Far East LNG spot-prices are back down to pre-Fukushima levels. Of course it's a hot spell in summer right now, but this goes beyond the usual seasonal dip.
Putin shows every sign of being personally very uncomfortable, and low prices for his primary exports aren't going to improve his humour. What on earth will he do next ?