Russia-Ukraine crisis: Oil surges on supply fears
LONDON, Feb 23 (NNN-AGENCIES) — Oil prices are climbing on fears that the Ukraine-Russia crisis will disrupt supply chains across the world.
Futures of Brent crude, the international benchmark, reached a seven-year high of almost $98 on Tuesday after Russia recognised breakaway rebel regions in Ukraine’s east as independent states.
The UK and several western allies have threatened sanctions on the country.
Russia is the second largest exporter of crude oil after Saudi Arabia.
It is also the world’s top producer of natural gas.
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