US and EU promise toughest sanctions on Russia; Brent and WTI hit highest since 2014
Oil prices surged by nearly $6 per barrel Thursday after President Vladimir Putin launched Russian military action in Ukraine. Brent crude oil jumped to over $100 per barrel on unease about possible disruption of Russian supplies. The price of US benchmark crude briefly surpassed $98 per barrel. The ruble sank 7.5% to more than $87 to the US dollar. The future for Germany's benchmark DAX index lost 5.3% and London's FTSE 100 was off 3.3% as Europe awakened to news of explosions in Kyiv, Kharkiv and other areas of Ukraine. Putin said Russia's military operation was needed to protect civilians in eastern Ukraine, a claim Washington had predicted he would make to justify an invasion. US President Joe Biden denounced the attack as unprovoked and unjustified" and said Moscow would be held accountable, which many took to mean Washington and its allies would impose additional sanctions. Putin accused them of ignoring Russia's demand to prevent Ukraine from joining NATO and to offer Mosco
Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons strikes: Ukraine foreign minister
Average natural gas prices in January and February highest in the last nine years
Oil shock: Current account deficit may touch 2.5% of GDP next year
Global oil and liquified natural gas (LNG) prices are likely to see a sharp rise in the event of a Russia-Ukraine conflict, Moody's Investors Service said
If oil prices rise by another $20 in a sharp and sustained manner, it will raise macro stability risks in Asia and the economies which are most exposed are India, South Korea, and Thailand
Brent crude rose 30 cents, or 0.3%, to $97.14 a barrel at 0442 GMT, after soaring as high as $99.50 on Tuesday, the highest since Sept. 2014.
Benchmark Brent futures pared gains in late trading after Western governments announced sanctions aimed at stopping what they fear is the beginning of a full-scale Russian invasion.
Brent crude, the global benchmark, was up $3.48, or 3.7%, at $98.87 at 0900 GMT, having earlier reached $99.38, the highest since September 2014
The intensifying stand-off - and the response from the US and Europe - has the potential to roil raw materials markets
Global oil benchmark Brent crude could rise by $5-$20 a barrel depending on the severity of the Russia-Ukraine crisis, Bank of America (BofA) Global Research said
Oil prices surged nearly 5% and stock prices dropped after Russian President Putin ordered forces into separatist regions of eastern Ukraine, bringing a long-feared invasion a step closer.
U.S. stock futures and European stocks lost earlier gains made on news that U.S. President Joe Biden and Russian President Vladimir Putin had agreed in principle to hold a summit on the Ukraine crisis
Reports suggested that the US and Russia have agreed to hold a summit on the Ukraine standoff, calming jittery investors.
Brent crude futures were up $1.34, or 1.4%, at $94.88 a barrel at 2312 GMT after hitting a high of $95.00 in early trade.
Cost headwinds come amid improved Q3 showing, rising yields
Oil headed for the first weekly loss in two months as investors weighed the crisis over Ukraine and Iran's nuclear deal
Oil prices recover losses on Wednesday as investors considered conflicting statements on possible withdrawal of some Russian troops around Ukraine amid tight global supplies and recovering fuel demand
Oil races to prices not seen since 2014