U.S. West Texas Intermediate (WTI) crude futures jumped $4.79% to $95.86 a barrel versus Friday’s settlement.
Oil prices rose sharply on Tuesday as the Russia-Ukraine crisis escalated after Moscow recognised two breakaway regions of Ukraine and ordered troops into the two territories.
Brent crude futures rose 3.82%, to $99.03 a barrel at 09:10 GMT+1 on Tuesday, the highest since August 1, 2014.
U.S. West Texas Intermediate (WTI) crude futures jumped $4.79% to $95.86 a barrel versus Friday’s settlement.
Russian President Vladimir Putin had in his televised address on Monday recognised the Kremlin-backed separatist regions of Donetsk and Luhansk as republics and said he would send “peacekeeping forces” to protect them.
It has yet to be known how many troops Moscow is sending.
The US however said it will impose sanctions on Moscow and is “co-ordinating with allies and partners”, a White House representative said on Monday.
Russia accounted for about 12 per cent of global crude oil exports in 2020 and about 10 per cent of total oil product exports, according to Emirates NBD.
It supplies 25 per cent of the world's natural gas exports and is also a major producer of industrial metals.
It is the third-largest source of mined nickel ore, which is used in steel alloys and is an important component in the manufacture of batteries.
Russia is also a major source of palladium and a large supplier of aluminum to global markets.