Crude prices hit nearly $95 a barrel amid Russia-Ukraine tensions

Crude prices surged on Monday, as investors entered what could be a decisive week in the West’s standoff with Russia, which has massed thousands of troops on Ukraine’s border. U.S. stocks tumbled Friday and oil prices closed at the highest since 2014 after White House national security adviser Jake Sullivan warned Russia could attack Ukraine “any day now.” Futures for West Texas Intermediate crude CL00, -0.29% CLH22, -0.29% climbed 1.3% to $94.36 a barrel, from Friday’s close of $93.14. Brent crude BRN00, -0.31% BRNJ22, -0.31% clmbed 1.1% to $95.49 a barrel. A call between U.S. President Biden and Russian President Putin on Saturday was inconclusive, while German Chancellor Olaf Scholz is due to fly to Kyiv on Monday and Moscow on Tuesday to speak with the presidents of those countries. U.S. stock futures YM00, -0.85% ES00, -0.96% NQ00, -1.11% were modestly higher on Monday. U.S. natural gas prices [s:ngh22] climbed 4%, while Dutch TTF gas futures, the benchmark for Europe, rose 8%.