Oil prices surge to almost $100 a barrel after Putin ordered troops into Ukraine

Oil surged to its highest since 2014 this morning after Russia ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel.

The US, UK and European allies are poised to announce new sanctions against Russia after President Vladimir Putin formally recognized the two regions in eastern Ukraine – Donetsk and Luhansk – escalating a security crisis on the continent.

But Russia is a major exporter of oil to the US, while roughly a third of Europe’s supply of gas comes from Russian pipelines – some of which run through Ukraine itself.

German Chancellor Olaf Scholz announced this morning that he had asked the regulator of the Nord Stream 2 pipeline – which would provide a direct supply of Russian gas to Germany – to…