Oil prices surge as Russia-Ukraine tension escalates amid Putin warning – The National

Oil prices surge as Russia-Ukraine tension escalates amid Putin warning – The National

Oil prices jumped on Thursday on supply concerns as tension between Russia and Ukraine escalated further after Russian President Vladimir Putin announced a partial military mobilisation and warned Russia would use “all the means available” in its fight against Ukraine.

Brent, the benchmark for two thirds of the world's oil, was trading 2.99 per cent higher at $92.52 a barrel at 5.42pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 3.35 per cent at $85.73 a barrel.

Both benchmarks fell on Wednesday after the US Federal Reserve raised its key interest rate for the fifth time this year to slash surging inflation and restore price stability.