Oil hits highest since 2014 on Russia-Ukraine escalation
Zee News
The Ukraine crisis has added further support to an oil market that has surged on tight supplies as demand recovers from the COVID-19 pandemic.
New Delhi: Oil rose to its highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100 a barrel.
Germany put the certification of the Nord Stream 2 gas pipeline from Russia on ice while the United States and European Union discussed potential sanctions as Ukraine reported continued shelling in east Ukraine.
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict."
Brent crude, the global benchmark, was up $1.93, or 2%, at $97.32 by 1448 GMT, having earlier reached its highest since September 2014 at $99.50.
U.S. West Texas Intermediate (WTI) crude jumped by $2.96, or 3.3%, from Friday to $94.03, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96.
