Oil Near Its Highest Level Since 2014

Oil prices jumped close to $100 a barrel on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, but the market pared gains to close to its highest level since 2014 following efforts by Western countries to halt what they fear may be the start of a full-scale Russian invasion.

The United States and Britain announced sanctions targeting Russian banks, while the European Union blacklisted more Russian politicians and Germany curbed the $11 billion Nord Stream 2 natural gas pipeline project.

The international benchmark Brent crude contracts rose during the session to $ 99.50 a barrel, the highest level since September 2014, before recording at the settlement of $ 96.84, an increase of $ 1.52 or 1.5 percent.

US benchmark West Texas Intermediate crude contracts also recorded a seven-year high, reaching $96 a barrel, before closing at $92.35, an increase of $1.28, or 1.4 percent, from Friday’s closing level.

Markets in the United States were closed on Monday for a public holiday.