Historic spike in oil prices as Russia-Ukraine tensions rise – Roya News English

Historic spike in oil prices as Russia-Ukraine tensions rise – Roya News English

As Russia declared the deployment of its troops in Donetsk and Luhansk in eastern Ukraine, oil prices increased on Tuesday by two US dollars, the highest price in seven years.

Russia’s President Vladimir Putin Monday signed a decree that proclaims that Donetsk and Luhansk are two independent states and called on the Russian parliament to recognize them as so as well.

This proclamation was met with wide condemnation from European and US officials and considered it a clear escalation and a violation of international law.