Oil hits highest since 2014 on Russia-Ukraine escalation | Reuters
Oil prices rose to their highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100 a barrel.
Germany put the certification of the Nord Stream 2 gas pipeline from Russia on ice while the United States and European Union discussed potential sanctions as Ukraine reported continued shelling in east Ukraine. read more
"The potential for a rally over $100 a barrel has received an enormous boost," said Tamas Varga of oil broker PVM. "Those who have bet on such a move anticipated the escalation of the conflict."
Brent crude , the global benchmark, was up $2.24, or 2.4%, at $97.63 by 1250 GMT, having earlier reached its highest since September 2014 at $99.50.
U.S. West Texas Intermediate (WTI) crude jumped by $2.92, or 3.2%, from Friday to $93.99, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96.
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