Oil Surges as Ukraine Tensions Mount and Market Giants Bullish

WTI up as Kremlin says Putin to recognize Ukraine separatists
Vitol sees $100 a barrel oil coming; Aramco bullish on demand

WATCH: Vitol CEO Russell Hardy, says he sees oil prices at $100+ for a ‘prolonged period’ at some point in the next 6-9 months.Source: Bloomberg

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By Grant Smith and Devika Krishna Kumar

February 20, 2022 at 11:30 PM UTC

Updated on

February 21, 2022 at 7:35 PM UTC

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Oil jumped as tensions mounted between Russia and the West over Ukraine, adding to bullish sentiment as leading market participants said they expect global demand to continue its powerful recovery from the pandemic.

West Texas Intermediate traded near $94 a barrel and Brent climbed near $96 as the Kremlin announced Russian President Vladimir Putin plans to officially recognize separatists in eastern Ukraine, a move that could undermine European-mediated peace talks and further escalate tensions with the West. The Kremlin has repeatedly denied it intends to attack Ukraine.