Russia is one of the world's largest oil and gas producers, and fears that it could invade Ukraine have driven the rally in oil closer to $100 per barrel, a level not seen since 2014.
“The market remains hypersensitive to the developments over the Russian-Ukraine situation,” said John Kilduff, partner at Again Capital in New York. “This is now intensifying to a terrific degree. Right now, it’s buy now, ask later.”
Ukrainian President Volodymyr Zelenskiy called on Ukrainians to fly the country’s flags from buildings and sing the national anthem in unison on Wednesday. Secretary of State Antony Blinken said the United States was relocating its embassy operations in Ukraine from the capital Kyiv to the western city of Lviv, citing the “dramatic acceleration in the buildup of Russian forces.”
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