On an intraday basis, Brent topped out at $105.79 a barrel last week after Russia invaded Ukraine. Meanwhile, US oil popped 4.5% to settle at $95.72 a barrel, also the highest since August 2014.Īlthough oil prices finished sharply higher Monday, they remain below the highest point of the current crisis. The last time Brent closed above the $100 mark was September 2014. Oil prices finished above $100 a barrel Monday for the first time in more than seven years as the Russia-Ukraine crisis continues to escalate.īrent crude, the world benchmark, jumped 3.5% to $101.39 a barrel. Working pumpjacks are seen in an oil field in Montebello, California, on February 23. To that end, the price of ethereum - the world's second most valuable cryptocurrency after bitcoin - surged more than 8%, while binance coin and XRP were each up about 7%. "Bitcoin and all the top altcoins are rallying today as investors realize the likelihood of massive investments into DeFi following the latest round of Russian sanctions," he added.
"Western allies are delivering harsher sanctions and restrictions on Russian banks and that is bolstering the argument for blockchain products that will compete with t he SWIFT network," said Edward Moya, senior market analyst with OANDA, in a report Monday. That's because the ruble's fall is a sign that government-backed currencies, which are typically viewed as being relatively safe, can still be incredibly risky.īitcoin prices surged more than 10% Monday to above $41,500, their highest level in nearly two weeks. The collapse of the Russian ruble following the latest round of sanctions from the United States and Western Europe may be manna from heaven for cryptocurrency bulls.
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