Energy

Oil prices jump as tensions between Russia and Ukraine escalate

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Russia has built up some 150,000 troops along its border with Ukraine, and the Biden administration said last week that as many as 7,000 additional troops have joined.

The military tensions have sparked concerns that Russia may be preparing to invade Ukraine, triggering fears of a repeat of the Kremlin’s illegal annexation and occupation of Crimea in 2014.

Russia was the largest supplier of natural gas and oil to the European Union last year, and these tensions are lending support to oil prices.

Crude prices recently crossed $90 per barrel, representing an increase of more than 20% this year and a rally of more than 80% since the beginning of 2021. Those gains, however, can also be…



Source cnbc.com

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