Oil rises as Russia-Ukraine escalation spurs supply concerns | Reuters
Brent crude futures rose $2.14, or 2.24%, to $97.53 a barrel at 0710 GMT, adding to a 2% gain on Monday. Earlier on Tuesday it hit $97.66, its highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures jumped $3.60, or 3.95%, to $94.67 a barrel versus Friday's settlement. The U.S. market was closed on Monday for a public holiday.
Commonwealth Bank analyst Vivek Dhar said it was unlikely U.S. and European governments would impose oil or gas sanctions on Russia if it invaded Ukraine further, as that would inflict pain on themselves.
However, Russia itself could hold back oil and gas supplies if it sought to retaliate against any other sanctions imposed by the West, Dhar added.
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