Oil prices jumped as the crisis between Russia and Ukraine escalated. In Asia morning trade Tuesday, U.S. crude surged 3.22% to $94 per barrel, while Brent jumped 1.5% per barrel to $96.82.
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On Monday evening, Russian President Vladimir Putin ordered forces into two breakaway regions of eastern Ukraine and said he would recognize the independence of Donetsk and Luhansk.
Rising tensions have sent jitters through markets, driving oil prices higher.
