The price of oil jumped more than $10 a barrel and shares were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.
Brent crude oil briefly surged over $10 to nearly $130 a barrel early Monday. Benchmark US crude was up nearly $9 at more than $124 a barrel.
The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations.
A temporary cease-fire in two Ukrainian cities failed — and both sides blamed each other.
Meanwhile, oil prices came under more pressure after Libya's national oil company said an armed group had shut down two crucial oil fields.
US House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the US.
