Oil inches closer to $100

Oil rose to its highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, tempered by a declaration from Germany’s Chancellor that the nation would not certify the $11 billion Nord Stream 2 pipeline. Germany put the certification of the Nord Stream 2 gas pipeline from Russia on ice while the United States and European Union discussed potential sanctions as Ukraine reported continued shelling in east Ukraine. “Markets are viewing the situation as a de-escalation of the crisis, and are hopeful conflict ends here,” said Bob Yawger, Director of Energy Futures at Mizuho. Brent crude, the global benchmark, was up $1.26, or 1.3%, at $96.65 by 11:13 AM EDT (1613 GMT), having earlier reached its highest since September 2014 at $99.50. US West Texas Intermediate (WTI) crude jumped by $1.87, or 2.1%, from Friday to $92.94, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96.