VnExpress International
The most read Vietnamese newspaper
Get Newsletter| Contact us |
Follow us on       

Oil jumps on fresh warnings over Ukraine-Russia conflict

By Reuters   February 20, 2022 | 05:39 pm PT
Oil jumps on fresh warnings over Ukraine-Russia conflict
An oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. Photo by Reuters
Oil prices gained more than $1 in early trade on Monday on rising jitters over potential conflict between Russia and Ukraine, with the United States and European Union making clear Russia would face sanctions if it invaded its neighbor.

European Commission President Ursula von der Leyen said Russia would be cut off from international financial markets and denied access to major exports needed to modernize its economy if it invaded Ukraine.

Brent crude futures were up $1.34, or 1.4 percent, at $94.88 a barrel at 2312 GMT after hitting a high of $95.00 in early trade.

U.S. West Texas Intermediate (WTI) crude futures were up $1.68, or 1.8 percent, at $92.75 a barrel after hitting a high of $92.93.

"If a Russian invasion takes place as the U.S. and U.K. have warned in recent days, Brent futures could spike above $US100/bbl," Commonwealth Bank analyst Vivek Dhar said in a note.

 
Enjoy unlimited articles and premium content with only $1.99 Subscribe now
 
go to top