Oil prices rose more than $1 early this morning (Feb. 21) as concerns grew about a possible conflict between Russia and Ukraine with the U.S. and EU making clear that Russia would face sanctions if it invaded Ukraine.
- Brent crude futures rose $1.34, or 1.4%, to $94.88 a barrel. From having reached a high of $95.00.
- WTI crude futures rose $1.68, or 1.8%, to $92.75 a barrel from an earlier high of $92.93.
European Commission President Ursula von der Leyen said that if Russia were to invade Ukraine, it would be cut off from international financial markets and denied access to vital exports the country needs to improve its economy.
Vivek Dhar, an analyst at Commonwealth Bank, said in a note that Brent futures could rise above $100/barrel in the event of a Russian invasion of Ukraine.
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Monday, February 21, 2022