Tortoise Senior Portfolio Manager Rob Thummel in MarketWatch

Why Russia’s invasion of Ukraine may lift oil prices to a 14-year high

Investors are loath to hold Russian crude that could see new sanctions

Russia launched a full military invasion into Ukraine on Thursday, lifting the U.S. and global crude benchmarks to intraday highs past $100 a barrel and raising the possibility of a climb in prices to their highest levels in nearly 14 years.

“Oil prices are soaring with no end in sight [on] the news of Russia’s full-scale military incursion of Ukraine, immediately putting at risk up to 1 million [barrels per day] of Russian crude oil exports transiting through Ukraine and the Black Sea,” said Louise Dickson, senior oil market analyst at Rystad Energy.

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