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Oil Rises Due to a New Escalation in The Ukrainian Crisis

Adel 22 February, 2022 12:45 pm Commodities, Market Update

Oil prices jumped more than $2 on Tuesday amid fears of supply disruptions as tensions escalated between Russia and Ukraine after Moscow ordered troops into two breakaway regions in eastern Ukraine.

Moscow’s move drew international condemnation, and US officials said Washington, in coordination with allies, was planning to announce new sanctions against Russia.

For his part, US President Joe Biden issued an executive order to stop US commercial activity in the separatist regions and ban the import of all goods from those regions.

US West Texas Intermediate crude futures jumped $2.79 to $93.86 a barrel against settlement on Friday.

Brent crude futures also rose $1.36 to $96.75 a barrel by 0455 GMT, adding to its 2% gain on Monday. Earlier on Tuesday, it reached $97.66, the highest level since September 2014.

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