Reuters, Tokyo :
Crude oil jumped while the rouble plunged nearly 30% to a record low on Monday after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT global payments system.
Safe-haven demand boosted bonds along with the dollar and yen while the euro sank after Russian President Vladimir Putin put nuclear-armed forces on high alert on Sunday, the fourth day of the biggest assault on a European state since World War Two.
The ramp-up in tensions heightened fears that oil supplies from the world’s second-largest producer could be disrupted, sending Brent crude futures up $4.21 or 4.3% to $102.14. U.S. West Texas Intermediate (WTI) crude futures were up $4.58 or 5.0% at $96.17 a barrel.
“I am telling clients all we know for certain is that energy prices are going to be higher, and there are going to be some beneficiaries,” said John Milroy, Ord Minnett financial advisor in Sydney.
