I jumped oil prices More than $2 on Tuesday hit a new record in seven years, following Russia ordered its troops to be deployed to two breakaway regions in eastern Ukraine, escalating a crisis that Western leaders have warned might spark war.
US and European officials have condemned the Russian move, but a US official said the Russian military action did not yet constitute an invasion that might lead to widespread sanctions.
Brent crude futures, the global benchmark, rose $2.10, or 2.2%, to $97.49 a barrel, following increasing by 2% yesterday. Contracts rose earlier on Tuesday to $97.66, the highest level since September 2014.
US West Texas Intermediate crude contracts jumped $3.25, or 3.6%, to $94.32 a barrel.
