Startup Observer.com
  • Home
  • Industries
  • Innovation
  • outsourcing
  • Business
  • Finance
  • Headlines
  • Opinion
  • News
Home Business Oil climbs on growing fears of conflict over Ukraine
Business

Oil climbs on growing fears of conflict over Ukraine

by maria February 22, 2022
February 22, 2022
gawdo

By Sonali Paul

MELBOURNE (Reuters) – Oil prices jumped more than $2 to a fresh seven-year high on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, escalating a crisis that western leaders have warned could spark a war.

U.S. and European officials condemned the moves, but a Biden administration official said Russia’s military action did not as yet constitute an invasion that would trigger a broader sanctions package.

Brent crude futures rose $2.10, or 2.2%, to $97.49 a barrel at 0132 GMT, adding to a 2% gain on Monday. Earlier on Tuesday it hit $97.66, its highest since Sept. 2014.

U.S. West Texas Intermediate (WTI) crude futures jumped $3.25, or 3.6%, to $94.32 a barrel versus Friday’s settlement. The U.S. market was closed on Monday for a public holiday.

Responding to the Russian troop movements after Moscow recognised two breakaway regions as independent, Ukrainian President Volodymir Zelensky accused Russia of violating Ukraine’s sovereign territory, in an address to the nation early on Tuesday.

He said his country wanted a diplomatic solution to the crisis but was ready to dig in for the long haul.

Analysts say the big question hanging over the oil market is whether Russian energy exports would actually be disrupted if Moscow went ahead with a fullscale invasion of Ukraine and western governments imposed sanctions against Russian financial institutions.

“There’s a lot of uncertainty,” Westpac senior economist Justin Smirk said. “Will Russia be willing to supply on credit?”

(Reporting by Sonali Paul; Editing by Shivani Singh)

www.gawdo.com
Share on FacebookShare on TwitterShare on Linkedin
0 FacebookTwitterPinterestEmail
previous post
Stocks slide, oil jumps as Russia orders troops to Ukraine regions
next post
6 Ways to Avoid HR Burnout in 2022

You may also like

Joust Launches Instant Match Partner Console

May 27, 2022

Taboola to Acquire Gravity R&D, Founded by The...

May 27, 2022

Six Essential Employee Engagement Trends that your company...

May 27, 2022
Editorial & Advertiser disclosureEditorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
gawdo.com
https://www.gawdo.com
  • About us
  • Advertising & Terms of Use
  • Contact Us
  • Privacy Policy

@2021 - All Right Reserved.


Back To Top
Startup Observer.com
  • Home
  • Industries
  • Innovation
  • outsourcing
  • Business
  • Finance
  • Headlines
  • Opinion
  • News
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT