Oil leap as Russia-Ukraine escalates according to

© Reuters

By Gina Lee – Oil rose on Wednesday morning in Asia after Moscow moved troops into two breakaway regions in Ukraine, even as investor concerns about fallout were allayed.

up 0.56% to $93.90 by 9:46 PM ET (2:47 AM GMT) and up 0.07% to $91.97.

There are growing concerns that their actions in eastern Ukraine could affect energy supplies. But the United States has assured that there will be no impact on energy exports.

A senior State Department official told reporters on Tuesday: “Sanctions that are in place today and may be imposed in the near future do not target and will not target. oil and gas streams”.

Sanctions from the United States, Britain and the European Union on Tuesday focused on Russian financial institutions.

More than 1 million bpd of crude oil from Iran is likely to return, as diplomats say Iran and world powers are on track to reach a deal to curb Tehran’s nuclear program.

“Diplomats agree that negotiations have come to an end, signaling a possible bailout for global oil markets,” said ANZ Research analysts.

Vivek Dhar, a commodities analyst with Commonwealth Bank, said the big unknown is how quickly Iran can actually boost its exports.

The failure to invest in oil infrastructure has left other members of the Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, struggling with achieving their goals. their production. Dhar feels Iran may face a similar problem.

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