Oil prices rose more than $7 early Monday after Russian President Vladimir Putin said the country’s nuclear defenses against the West and Japan were on standby while sanctions were imposed on Russian banks.
Nuclear warnings and payment restrictions on banks have raised fears that oil supplies to the world’s second-largest producer could be disrupted as Russia arms itself following its incursion into neighboring Ukraine.
- Brent crude futures rose $5.46, or 5.6 percent, to $103.39 after hitting a high of $105.07 a barrel shortly after trading opened.
- WTI crude futures rose $5.64, or 6.2 percent, to $97.23 a barrel. Shortly after opening, WTI had reached a high of $99.10 and peaked at $100.54 last week.
On Sunday, Putin ordered Russia’s military forces, which have nuclear weapons, to be placed on high alert. He cited aggressive statements by NATO leaders and the extent of economic sanctions imposed on Russia by the West.
President Putin’s decision to keep Russian nuclear forces on alert is a clear boost to global concerns about oil supplies.
The Spot Market is Open
Monday, February 28, 2022
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 11.35 | 97.20 | +5.61 | 6.13% |