Oil Prices Climb 1% to Two-Week High Amid Ukraine War Escalation
“The escalation of the Russia-Ukraine conflict has amplified geopolitical tensions beyond the levels observed during the Israel-Iran-backed militant standoff earlier this year,” noted Ole Hansen, an analyst at Saxo Bank.
Russian President Vladimir Putin announced ongoing testing of the Oreshnik hypersonic missile, which has been deployed in Ukraine. This move comes in response to Ukraine's use of U.S. ballistic and British cruise missiles against Russian targets.
John Evans, an analyst at PVM, emphasized market concerns, stating, "The fear is accidental damage to oil, gas, or refining infrastructure, which could lead to lasting disruptions and further escalate the conflict."
The U.S. has also imposed new sanctions on Gazprombank as President Joe Biden intensifies efforts to penalize Moscow for its actions in Ukraine ahead of his departure from office on January 20.
The Kremlin criticized the sanctions, viewing them as an attempt to undermine Russian gas exports, but assured that alternative solutions would be found.
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