Oil prices jumped more than $2 to a fresh seven-year high today after Moscow ordered troops into two breakaway regions in eastern Ukraine, escalating a crisis that western leaders have warned could spark a war.
U.S. and European officials condemned the moves, but a Biden administration official said Russia’s military action did not as yet constitute an invasion that would trigger a broader sanctions package.
Brent crude futures rose $2.10, or 2.2per cent, to $97.49 a barrel at 0132 GMT, adding to a 2per cent gain yesterday.
Earlier today it hit $97.66, its highest since September 2014. U.S. West Texas Intermediate (WTI) crude futures jumped $3.25, or 3.6per cent, to $94.32 a barrel versus Friday’s settlement.
The U.S. market was closed yesterday for a public holiday.
-CNA-
