Brent Rises to Highest Since 2014 Amid Geopolitical Tensions
- Oil climbs as Ukraine conflict threatens a tighter market
- U.S. crude stockpiles at Cushing fell 1.8 million barrels
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Brent oil surged above $90 for the first time in seven years before paring as the market fretted over Russia-Ukraine tensions.
Futures in New York closed 2% higher, with the global benchmark touching $90 a barrel earlier in the session on Wednesday. Concerns are mounting over a possible Russian incursion into Ukraine, with U.S. President Joe Biden saying he’d consider sanctioning Vladimir Putin if the Russian leader orders an invasion. A potential conflict carries large risks for financial markets -- especially energy commodities such as natural gas and oil.