Oil jumps 2% amid rising tensions between Russia & Ukraine

2 min read | February 15, 2022 01:48 PM AEDT | By Arpit Verma

Oil jumps 2% amid rising tensions between Russia & Ukraine — Image source: Copyright © 2022 Kalkine Media®

Ukraine’s day of unity

Ukraine's president declared 16 February as a "day of unity". The date has been cited as a possible start of the Russian invasion, as per some western media.

President of Ukraine, Volodymyr Zelenskiy called on the citizens of the country to sing the national anthem and fly the country's flags from buildings in unison.

The dramatic build-up of Russian troops forced the US to relocate its embassy operations from the capital Kyiv to Lviv.

Rising oil prices

On top of that, the International Energy Agency has said the gap between the OPEC+ target and actual output has been increased.

Also Read: WTI Crude surpasses US$90/bbl as frigid weather cascades across the US

Bottom Line

Crude oil prices surged nearly 2% on Monday to reach fresh seven-year high levels as investors are concerned about the forthcoming attack of Russia on Ukraine.

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