Oil Jumps as Mideast Tensions Rise After Russian Plane Downed
- Putin warns of `serious consequences' as Turkey fires on jet
- Oil also rises on Saudi commitment to preserve price stability
Putin: Won't Tolerate Crimes Such As Warplane Crash
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Oil jumped after Turkey shot down a Russian warplane near the border with Syria, fanning concern that conflict in the region may intensify.
Futures rose 2.7 percent in New York. President Vladimir Putin said that Turkey’s decision to shoot down a Russian Su-24 jet will have “very serious consequences” for relations. Prices advanced earlier after Saudi Arabia reiterated on Monday that it’s committed to working with OPEC members and other producers to stabilize the crude market. Gasoline surged the most since August after a fire at Mexico’s biggest refinery.