LONDON (Archyde.com) – Oil prices jumped to their highest level since 2014 on Tuesday as tensions escalated between Russia and Ukraine following Russia ordered its forces to deploy in two breakaway regions in eastern Ukraine, raising concerns regarding oil supplies and pushing its price close to $100 a barrel.
The United States and its Western allies are set to announce new sanctions once morest Russia following President Vladimir Putin formally recognized the independence of two separatist regions in eastern Ukraine, escalating a security crisis on the continent.
Brent crude futures rose $3.48, or 3.7 percent, to $98.87 a barrel, and contracts rose earlier on Tuesday to $97.66, the highest level since September 2014.
US West Texas Intermediate crude contracts jumped $4.41, or 4.8 percent, to $95.48 a barrel, following hitting $96 earlier in the day, its highest since 2014.
The Ukraine crisis has increased support for the oil market, which has already risen due to a lack of supply as demand rebounded following the Covid-19 pandemic.
Today, Tuesday, the Nigerian Minister of Petroleum adhered to the position of OPEC Plus, saying that there was no need to increase production to a greater degree now, pointing to the possibility of Iranian oil being pumped into the markets if an agreement was reached.
Talks are underway to revive a nuclear deal between Iran and world powers that might eventually increase Iran’s oil exports by regarding 1 million barrels per day.
