Brent crude up $10, shares sink as Ukraine conflict deepens

South Korea Financial Markets
Posted at 8:13 PM, Mar 06, 2022
and last updated 2022-03-06 23:13:01-05

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.