Oil price rises to $95 a barrel amid Russia-Ukraine tensions

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Brent crude oil rose to $95 a barrel for the first time since October 2014 amid rising tensions between Russia and Ukraine.

Brent crude futures, the global oil benchmark, climbed 3.9 percent to $95.1 a barrel, while West Texas Intermediate (WTI) crude futures increased 4.4 percent to $93.79.

During a White House briefing, Jake Sullivan, United States national security advisor, said that there were signs of Russian escalation at the Ukraine border and the possibility of an invasion during the Olympics.

“We continue to see signs of Russian escalation, including new forces arriving at the Ukrainian border. As we’ve said before, we are in the window when an invasion could begin at any time,” Sullivan said yesterday.