OIL will face sanctions.
European Commission President Ursula von der Leyen said Russia would be cut off from international financial markets and denied access to key exports needed to modernize its economy if Ukraine was invaded.
Brent crude futures were up $1.34, or 1.4%, at $94.88 a barrel at 2312 GMT after hitting a high of $95.00 in early trade.
US West Texas Intermediate (WTI) crude futures were up $1.68, or 1.8%, at $92.75 a barrel after hitting a high of $92.93.
“If the US and UK have warned in recent days that there is a Russian offensive, Brent futures could rise above $100/bbl,” Commonwealth Bank analyst Vivek Dhar said in a note.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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