Oil prices have risen sharply following the escalation of the threat of a full-scale invasion of Ukraine by Russia.
In this environment, brent rose 2% to $ 97.35 a barrel, the biggest rise since February 14.
West Texas Intermediate for March delivery traded 2.6% higher at $ 92.60 a barrel after falling 0.8% on Friday.
Gas prices also jumped 8%.
In a speech Monday night, Russian President Vladimir Putin said he recognized the independence of pro-Russian separatist groups in Lugansk and Donetsk in Ukraine and ordered his army to move to those areas as a “peacekeeping force.”
The White House immediately issued a boycott in these areas while more measures are expected today.
European Union officials, meanwhile, have described Putin’s latest actions and statements as a “gross violation of international law”.
Source: Capital
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