Hitting 7 year highs, oil has been on the uptick in recent weeks with growing tensions between the West and Russia. Amid major speculation of an impending war, oil has risen to higher levels with West Texas Intermediate (WTI) crude rising to $94.94 per barrel.
With price movements being heavily dictated by fundamentals:
- News releases of an impending invasion or war will continue to drive the prices higher.
- Any settlement and de-escalation may foresee a dip in oil prices.