(International) NEW Oil price rises 1.96% on Russia’s ICBM launch requirement

Oil prices in New York rose amid growing concerns over the war, with claims that Russia fired ICBMs, or intercontinental ballistic missiles, into Ukraine.

On the New York Mercantile Exchange, West Texas Intermediate for January delivery rose $1.35 or 1.96% to $70.10 a barrel, passing $70 for the first time since the 8th.

Brent crude for January delivery, which is subject to international market benchmarks, closed at $74.23 a barrel, up $1.42 and 1.95% from the previous session, the highest close since the 7th.

Geopolitical risks appear to have been reflected higher in oil prices as Ukrainian forces claim Russia attacked Ukraine’s Dnyrov region and fired ICBMs.

SIA Asset Management said the Ukraine crisis had affected the market, but the impact on oil prices had not continued, adding that the problem was weaker global demand for crude oil than supply problems caused by the war.

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