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Drawing inspiration from the significant impact of the ongoing Russia-Ukraineconflict and the recent COVID-19 pandemic on global financial markets, thisstudy conducts a thorough analysis of three key crude oil futures markets: WTI,Brent, and Shanghai (SC). Employing the visibility graph (VG) methodology, weexamine both static and dynamic characteristics using daily and high-frequencydata. We identified a clear power-law decay in most VG degree distributions andhighlighted the pronounced clustering tendencies within crude oil futures VGs.Our results also confirm an inverse correlation between clustering coefficientand node degree and further reveal that all VGs not only adhere to thesmall-world property but also exhibit intricate assortative mixing. Through thetime-varying characteristics of VGs, we found that WTI and Brent demonstratealigned behavior, while the SC market, with its unique trading mechanics,deviates. The 5-minute VGs' assortativity coefficient provides a deeperunderstanding of these markets' reactions to the pandemic and geopoliticalevents. Furthermore, the differential responses during the COVID-19 andRussia-Ukraine conflict underline the unique sensitivities of each market toglobal disruptions. Overall, this research offers profound insights into thestructure, dynamics, and adaptability of these essential commodities markets inthe face of worldwide challenges.

Visibility graph analysis of crude oil futures markets: Insights from the COVID-19 pandemic and Russia-Ukraine conflict