Oil, natural-gas and agricultural prices rose as escalating tensions over Ukraine threatened to disrupt flows of natural resources from Eastern Europe to world markets.
Futures for Brent crude, the benchmark in international energy markets, added $1.45 a barrel, or 1.5%, to settle at $96.84 and earlier climbed to $99.50, their highest level since 2014. The International Energy Agency, an intergovernmental organization, said late Tuesday it was watching Russia’s statements and actions with growing concern. It said it was working with member countries—which include the U.S. but not Russia or Saudi Arabia—and partners to ensure there was enough oil on the market to meet demand.
