Oil Hits Highest Since 2014 On Russia-Ukraine Escalation

• Oil rose to its highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, tempered by a declaration from Germany's Chancellor that the nation would not certify the $11.0Bn Nord Stream 2 pipeline. The Nord Stream 2 is an undersea pipeline, meant to ferry natural gas directly from Russia to northern Germany, but in light of Russia’s incursion into Ukraine, those plans have been shelved. 
• The West took more measures to try to discourage Russia from going on the offensive in Ukraine, with Germany putting the certification of the Nord Stream 2 gas pipeline from Russia on ice, while the United States and European Union discussed potential sanctions. 
• Brent crude, the global benchmark, was up $1.59, or 1.7%, at $96.98 by 1:08 p.m. EDT (1808 GMT), having earlier reached its highest since September 2014 at $99.50. U.S. West Texas Intermediate (WTI) crude jumped by $1.93, or 2.1%, from Friday to $93, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96. 
• The Ukraine crisis has added further support to an oil market that has surged on tight supplies as demand recovers from the COVID-19 pandemic. The Organisation of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, have resisted calls to boost supply more rapidly. Talks are ongoing on renewing Iran's nuclear agreement with world powers, which could eventually boost Iran's oil exports by more than 1 million barrels per day.

(Source: Reuters)