Oil price boom: Crude soars high as rumours over Ukraine invasion surge

Ukraine: US intelligence lays out nine Russian invasion routes

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The US has warned Russia could invade in just mere days but the White House refused to state whether they had hard evidence Vladimir Putin would send troops into the ex-Soviet state. Foreign citizens are being advised to leave the country by commercial means as quickly as possible as officials believe the “threat is now immediate enough”.


According to officials “the US believes Putin has decided to invade Ukraine and communicated those plans to the Russian military.”

Six US and Western officials have reportedly told PBS that they expect a Russian invasion to begin next week, with defence officials expecting a “horrific, bloody campaign that begins with two days of bombardment and electronic warfare, followed by an invasion, with the possible goal of regime change.”

The reports, hurriedly carried out over the Twittersphere, sent oil prices skyrocketing, and stocks tumbling.

At 2:20 p.m. EST, WTI crude was trading at $94.42, a 5.05 percent increase on the day.

Brent crude was trading up +4.27 percent on the day at that time.

WTI is trading at its highest level since 2014, and is up $10 in the last 30 days.

JPMorgan said earlier this week that Brent could “easily” reach $120 per barrel if Russia invaded Ukraine and the US and other nations sanctioned Russia’s oil and natural gas exports.

While the oil prices went through a hike, the global shares dropped on Friday on rising worries over escalating Ukraine-Russia tensions.

Brent crude futures settled 3.3 percent higher at $94.44 a barrel, while US West Texas Intermediate crude rose 3.6 percent, to $93.10 a barrel.

US gold futures also went up slightly, settling at $1,842.10, up 0.3 percent.

Spot gold prices rose $36.0077 or 1.97 percent, to $1,862.58 an ounce

Benchmark Treasury yields lost ground, and German bond yields backed off the 2018 highs struck on Thursday.

US national security adviser Jake Sullivan said Russia was in the position “to be able to mount a major military operation in Ukraine any day now” and it could start with an intense aerial bombardment.

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According to the news reports, if Russia did invade Ukraine, the Biden Administration would have to choose between sanctioning Russia’s oil exports and keeping retail gasoline prices at American pumps from reaching the stratosphere.

Gasoline prices are already higher than the Administration would like, as Biden’s disapproval rating approaches 60 percent.

Sanctions on Russia would be devastating for both the Biden Administration and the American consumer—but it would also cause great hardship to Russia, which relies a great deal on crude oil revenue for its budget.

Last year, the value of Russia’s crude oil exports totaled more than $300 million per day.

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