Oil rises as Russia-Ukraine escalation spurs supply concerns
NEW DELHI: Oil prices jumped more than $2 on Tuesday on supply disruption worries as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine.
Moscow’s move drew international condemnation and U.S. officials said Washington in coordination with allies is planning to announce new sanctions on Russia, the world’s second largest oil producer.
U.S. President Joe Biden has issued an executive order to halt U.S. business activity in the breakaway regions and ban the import of all goods from those areas.
But a Biden administration official said Russia’s military action did not as yet constitute an invasion that would trigger a broader sanctions package.
