Today, oil prices hit a new record in 7 years, following Russia ordered the deployment of its forces in the Donetsk and Lugansk People’s Republics.
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Global benchmark Brent crude futures rose $2.10
Oil prices jumped more than $2 on Tuesday, hitting a new record in seven years, following Russia recognized the republics of Donetsk and Luhansk in eastern Ukraine.
US and European officials condemned the Russian move, but a US official said that the Russian military action did not yet constitute an “invasion that might lead to the imposition of wide-ranging sanctions.”
Brent crude futures rose $2.10, or 2.2%, to $97.49 a barrel, following It increased by 2% yesterday. Contracts rose earlier today 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.
