Oil prices boil as Russia and Ukraine conflict escalates with fresh warnings

21 Feb 2022 , 10:38 AM

The Russia-Ukraine tension boils crude oil prices! Investors across the globe are anxious over the development in the conflict between Russia and Ukraine which led to strong remarks from the United States and European Union. The major economies have signalled to take severe actions if Russia  invaded its neighbour, Ukraine. Oil prices rallied sharply to gain more than $1 in early morning trade on Monday.

Ursula Von der Leyen, European Commission President hinted that Russia would be banned from international financial markets and also access to major exports that needs to modernize its economy will be denied to Russia if they storms Ukraine.

Brent Crude futures erased all early morning gains and was currently trading at $93.23 per barrel, down by nearly $0.23 or 0.25% after hitting a high of $95 so far today. It recorded a gain of nearly 1.48% in today’s early trade. However, if the anticipated Russian invasion takes place, the oil prices are estimated to spike up to $100 per barrel.

WTI Crude Futures were trading at $91.06, marginally down after clocking a high of $92.93 per barrel.