Ukraine-Russia crisis: Oil hits highest since 2014
Oil storage tank
Oilhit itshighestsince2014on Tuesday as tensions betweenRussiaandUkraineescalated after Moscow ordered troops into two breakaway regions in easternUkraine, adding to supply concerns that are pushing prices to near $100 a barrel.
The United States and its European allies are poised to announce new sanctions againstRussiaafter President Vladimir Putin formally recognised the two regions in easternUkraine, escalating a security crisis on the continent.
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga ofoilbroker PVM. "Those who have bet on such a move anticipated theescalationof the conflict."
Also read |Amid rising tensions, OSCE reports more than 3,000 new ceasefires violations in eastern Ukraine
Brent crude, the global benchmark, was up $3.38, or 3.5 per cent, at $98.77 at 1000 GMT, having earlier reached $99.50, thehighestsinceSeptember2014.
USWest Texas Intermediate (WTI) crude jumped $4.40, or 4.8 per cent, to $95.47 versus Friday's settlement, having earlier reached $96, also thehighestsince2014. The USmarket was closed on Monday for a public holiday.
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"We see theoilmarket in a period of frothiness and nervousness, spiced up by geopolitical fears and emotions," said Julius Baer analyst Norbert Rücker.
"Given the prevailing mood,oilprices may very likely climb into the triple digits in the near term."
The crisis overUkrainehas added further support to anoilmarket that has surged due to tight supplies as demand recovers from the coronavirus pandemic.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have resisted calls to boost supply more rapidly.
A senior British minister said on TuesdayRussia's invasion ofUkrainehas created a situation as grave as the 1962 Cuban missile crisis, when a confrontation between the United States and the Soviet Union brought the world to the brink of nuclear war.
Watch |Gravitas: 2,000 ceasefire violations in eastern Ukraine
Nigeria's minister of state for petroleum on Tuesday stuck to the OPEC+ view that more supply was not needed, citing the prospect of more production from Iran if its nuclear deal with world powers is revived.
Talks are ongoing on renewing Iran's nuclear agreement with world powers, which could eventually boost Iran'soilexports by over 1 million barrels per day.