Oil soars more than 6% above $103 as Russia-Ukraine war intensifies – Free Finance

First draft: 09:19

Update time: 14:50

Oil prices soar more than 6% as Russia-Ukraine war intensifies
(File photo, Archyde.com)

[Financial Channel/Comprehensive Report]Affected by Russia’s invasion of Ukraine, there are reports that the Russian army has surrounded Kyiv, the war between Russia and Ukraine has intensified, and Western countries have also imposed new sanctions on Russia. Traders are increasingly worried about the outbreak of an energy crisis , New York West Texas Intermediate crude oil futures prices rose more than 6%, while London Brent crude oil also rose more than 5%.

Russian President Vladimir Putin put his country’s deterrent forces, including nuclear capabilities, on high alert on Sunday in response to an international backlash against a Russian aggression, CNBC reported.

The United States and its allies have also announced new sanctions and measures to hit Russia, such as the removal of selected Russian banks from the interbank messaging system SWIFT.

As the Russian-Ukrainian war intensifies, and traders are increasingly worried about an energy crisis, oil prices are soaring. Agence France-Presse reported that the oil price of West Texas Intermediate crude oil in New York rose 6.27% to $97.33 a barrel. London’s North Sea Brent crude was up 5.24% at $103.06 a barrel.

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