Ukraine Crisis: Amid concerns over the supply disruption after Moscow ordered troops into two breakaway regions in eastern Ukraine, Oil prices on Tuesday rose briefly above USD 100 a barrel. According to The Times report, Brent crude, the global benchmark price, rose almost 4 per cent to surpass USD 99 a barrel for the first time since 2014.
Some economists have also predicted that the prices could reach as high as USD 140 barrel if tension escalates. However, by late this afternoon the price had fallen back to trade up 1.2 per cent at $96.56 a barrel after President Putin said that Russia would continue to deliver uninterrupted supplies to world markets.
US officials have said that Washington, in co-ordination with allies, was planning to announce new sanctions on Russia, the world’s second-largest oil producer.
Earlier in the afternoon, stocks fell trading on Wall Street as tensions escalated in Ukraine over Russia’s decision to send forces into that nation’s eastern regions. The S&P 500 fell 0.8% as of 12:01 p.m. Eastern. The Dow Jones Industrial Average fell 328 points, or 1%, to 33,751 and the Nasdaq fell 1.2%.
Major indexes are in a three-day slide as investors closely watch the crisis in Ukraine. The White House is referring to Russian troop deployments in eastern Ukraine as an “ invasion ” after initially hesitating to use the term. That’s a red line that President Joe Biden said would result in the U.S. levying severe sanctions against Moscow.
Russia’s recognition of the independence of several regions in Eastern Ukraine and decision to send in forces has raised fears that a full-scale invasion is near.
The crisis in Ukraine has made for volatile energy prices over the last few weeks and U.S. crude oil prices are up 2.1% on Tuesday. Russia is a major energy producer and a military conflict could disrupt energy supplies. Germany has withdrawn a key document needed for certification of the Nord Stream 2 gas pipeline from Russia. European markets, which have been particularly sensitive to developments in the Russia-Ukraine crisis, were mixed.
Retailers and other companies that rely on direct consumer spending fell broadly. Home Depot slumped 8.9% as concerns over the home-improvement retailer’s profit margins outweighed an otherwise solid quarterly financial report.
Technology stocks, which have an outsized impact on market indexes because of their pricey valuations, also fell. Apple shed 1.6%. Bond yields rose. The yield on the 10-year Treasury rose to 1.94% from. 1.92% late Friday. Stock and bond markets were closed on Monday for the Presidents Day holiday.
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