Crude oil prices hit their highest in more than seven years after Russian military buildup around Ukrainian borders triggered imminent invasion threat. This implies any sanction by the U.S. and Europe would further put oil exports on strain even in a tight market from the world’s top producer,
The West Texas Intermediate futures is up by 1.44% to $94.45 per barrel while Brent inched up by 1.21% to $95.60 per barrel.
Comments from the United States on Russia could create a surprise attack rattled global markets.
“If … troop movement happens, Brent crude won’t have any trouble rallying above the $100 level,” OANDA analyst Edward Moya said in a note, as reported by Reuters.
“Oil prices will remain extremely volatile and sensitive to incremental updates regarding the Ukraine situation.”
