Brent crude up $10, shares sink as Russia-Ukraine conflict deepens
The price of oil jumped about USD 10 a barrel and shares were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.
Brent crude oil surged more than 12 per cent during the day in Asia, while benchmark US crude gained about USD 10 at more than USD 125 a barrel.
The latest market turmoil followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations. A temporary cease-fire in two Ukrainian cities failed over the weekend and both sides blamed each other.
