Crude shoots higher on US Russian oil ban, Asian shares stabilise

SHANGHAI: Crude oil prices jumped while Asian stocks regained their footing on Wednesday as investors assessed the impact of a worsening conflict in Ukraine and a new U.S. ban on Russian oil.

The price of a barrel of crude, already on the march higher in January on supply worries and expectations of a strengthening global economic recovery, has rocketed upward since Russia launched its invasion of Ukraine on Feb. 24. Oil is now roughly double its early December low.