Oil climbs on growing fears of conflict over Ukraine
Oil prices jumped more than $2 to a fresh seven-year high on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, escalating a crisis that western leaders have warned could spark a war.
US 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 2.2 per cent, to $97.49 a barrel at 0702 IST, adding to a 2 per cent gain on Monday. Earlier on Tuesday it hit $97.66, its highest since Sept. 2014.
US West Texas Intermediate (WTI) crude futures jumped $3.25, or 3.6 per cent, to $94.32 a barrel versus Friday’s settlement. The US market was closed on Monday for a public holiday.
