TOKYO (AP) — The price of oil has jumped more than $10 a barrel and shares are sharply lower as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.
Brent crude oil surged to nearly $130 a barrel early Monday. Benchmark U.S. crude was up nearly $9 at more than $124 a barrel.
The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations.
A temporary cease-fire in two Ukrainian cities failed — and both sides blamed each other.
Meanwhile, oil prices came under more pressure after Libya’s national oil company said an armed group had shut down two crucial oil fields.
