Oil price settles near 2014 high on Russia-Ukraine escalation

Global benchmark Brent crude LCOc1traded as high as US$99.50 a barrel, its highest since September 2014, before settling at $96.84 with a $1.52, or 1.5%, gain. U.S. West Texas Intermediate (WTI) crude CLc1also hit a seven-year high as it peaked at $96 a barrel, before ending at $92.35, $1.28, or 1.4%, higher from Friday. The U.S. market was closed on Monday for a public holiday.

NEW YORK: Oil edged close to US$100 a barrel on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, but pared gains to end near 2014 highs following Western efforts to stop what they fear is the beginning of a full-scale Russian invasion.

The United States and Britain announced sanctions targeting Russian banks, while the European Union blacklisted more politicians and Germany put the brakes on the $11 billion Nord Stream 2 gas pipeline project.