Russian President Vladimir Putin said that he would recognize the independence of Donetsk and Luhansk in eastern Ukraine yesterday. On the backs of rising tensions jittering the market, oil prices in Asia Morning trade on Tuesday surged. United States crude rose 3.22% to $94 per barrel, while Brent crude gained 1.5% to $96.82 per barrel.
On top of that, if Russia invades Ukraine, it may pose an unwilling help for the American oil industry. Moreover, analysts have predicted oil prices to go as high as $100 per barrel, some even predicting them to go up to $150 per barrel.
