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Russia-Ukraine conflict pushes oil up

Russia-Ukraine conflict pushes oil up

Oil prices hit the highest mark in seven years

The tensions between Russia and Ukraine escalated after Moscow ordered troops to a couple of breakaway regions in eastern Ukraine. This move added to the already present supply concerns pushing prices to nearly $100 a barrel. OPEC+ has resisted calls to boost supply more rapidly.

After the news hit the wires, Brent oil – the global benchmark – was up 3.7% at $98.87 per barrel, having earlier reached $99.38, the highest since September 2014. At the same time, Crude oil jumped 4.8% to $95.48, having earlier reached $96/barrel – also the highest since 2014.

Regarding the Russia-Ukraine situation, the US and its European allies are to announce new sanctions against Russia after the Russian leader Vladimir Putin formally recognized the two breakaway regions, escalating a security crisis. President Joe Biden signed an executive order through which the US business activities in those regions are halted.

Moreover, Britain officials said that it had drawn up sanctions to target those complicit in violating Ukraine’s territorial integrity, which will be implemented today.

Sources: cnn.com, reuters.com

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