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Oil prices jump as conflict in Ukraine deepens

Brent crude up $10, shares sink
Posted at 11:05 PM, Mar 06, 2022
and last updated 2022-03-06 23:06:49-05

TOKYO — The price of oil jumped more than $10 a barrel Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.

Brent crude oil briefly surged over $10 to nearly $130 a barrel early Monday. Benchmark U.S. crude was up nearly $9 at more than $124 a barrel.

The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations.

A temporary cease-fire in two Ukrainian cities failed — and both sides blamed each other.

U.S. House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the U.S.

Meanwhile, oil prices came under more pressure after Libya’s national oil company said an armed group had shut down two crucial oil fields.