Oil prices jumped Monday as escalating sanctions against Russia over its invasion of Ukraine, which, in turn, led President Vladimir Putin to put his country’s nuclear deterrent on high alert.
Brent jumped back above $100 a barrel, initially surging more than $7, as the nuclear alert and bank payment constraints heightened fears that oil shipments from the world’s second-largest producer could be disrupted. Russia accounts for about 10 per cent of global oil supply.
At 7.58 am, Brent crude futures were up $3.95, or 4 per cent, at $101.88, after hitting a high of $105.07 a barrel in early trade. Last week, the benchmark hit a more than seven-year high of $105.79 after Russia’s invasion of Ukraine began.
