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Crude oil futures settle higher as Russia-Ukraine crisis escalates

23 Feb 2022 Evaluate

Crude oil futures settled higher on Tuesday on concerns over supplies following Russia's aggressive move into Ukraine. It is feared that a full-blown conflict in Ukraine could cause major disruption to crude supplies. Tensions between Russia and Ukraine escalated after Russian President Vladimir Putin recognized two breakaway regions in eastern Ukraine as independent entities and ordered the army to launch what Moscow called a peacekeeping operation into the area. Following the move, the UK announced a first tranche of sanctions on Russia, targeting five Russian banks and three very high net worth individuals.

Benchmark crude oil futures for April delivery surged $1.70 or 1.9 percent to settle at $91.91 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $0.60 or 0.65 percent to settle at $93.59 a barrel on London's Intercontinental Exchange.