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Oil prices jumped to almost a $100 per barrel as the crisis between Russia and Ukraine escalate

Global oil prices trade near $100 per barrel on supply disruption worries as tensions between Russia and Ukraine escalated.

The latest price is above the oil benchmark of $62/barrel in Nigeria’s 2022 budget. The development is coming after Moscow ordered troops into two breakaway regions in eastern Ukraine.

Oil prices jumped as the crisis between Russia and Ukraine escalated.

On Monday evening, Russian President Vladimir Putin ordered forces into two breakaway regions of eastern Ukraine and said he would recognize the independence of Donetsk and Luhansk.

In Asia morning trade Tuesday, U.S. crude surged 3.72% to $94.46 per barrel, while Brent jumped 2.46% per barrel to $97.73.

Brent crude futures rose 3.82%, to $99.03 a barrel at 09:10 GMT+1 on Tuesday, the highest since August 1, 2014.

Rising tensions have sent jitters through markets, driving oil prices higher. On Friday, U.S. President Joe Biden said the U.S. believes Putin has decided to carry out an attack on Ukraine “in the coming days.”

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 attributed to other factors such as tight suppl

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