Oil prices rose as tensions escalated between Russia and Ukraine after Russia ordered its forces to be deployed in two breakaway regions in eastern Ukraine, raising concerns about oil supplies and pushing its price close to $100 a barrel.
The United States and its Western allies announced new sanctions against Russia after President Vladimir Putin formally recognized the independence of two separatist regions in eastern Ukraine, heightening a security crisis on the continent.
The Ukraine crisis has increased support for the oil market, which has already risen due to a lack of supply as demand rebounded after the Covid-19 pandemic.
According to Archyde.com, the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies, has resisted calls to increase production at a faster pace.