Brent crude oil rose to $95 a barrel for the first time since October 2014 amid rising tensions between Russia and Ukraine.
Brent crude futures, the global oil benchmark, climbed 3.9 percent to $95.1 a barrel, while West Texas Intermediate (WTI) crude futures increased 4.4 percent to $93.79.
During a White House briefing, Jake Sullivan, United States national security advisor, said that there were signs of Russian escalation at the Ukraine border and the possibility of an invasion during the Olympics.
“We continue to see signs of Russian escalation, including new forces arriving at the Ukrainian border. As we’ve said before, we are in the window when an invasion could begin at any time,” Sullivan said on Friday.
Sullivan, however, added that the White House did not claim that Russian leader Vladimir Putin has made a final decision on the matter.
Earlier this week, JPMorgan projected that Brent could easily reach $120 per barrel if Russia invaded Ukraine and the US and other nations sanctioned Russia’s oil and natural gas exports.
The US and the United Kingdom have urged their citizens to leave Ukraine over Russian invasion fears.
The rise in global crude oil prices should portend an upturn for Nigeria’s revenue — but subsidy payments shortchanged the government.
In December 2021, subsidy payment gulped N270 billion, amounting to N1.43 trillion in annual expense, shrinking revenue accrued to the federation account. The federal government may pay up to N3 trillion to cater for subsidy in 2022.
Meanwhile, the United Kingdom and the United States of America have called on their citizens currently in Ukraine to leave the country immediately.
There have been tensions between Ukraine and Russia with concerns over threats of invasion.
The crisis stems from the protracted Russia-Ukrainian war that began in early 2014.
Russia had annexed Ukraine’s Crimean Peninsula and allegedly threw its weight behind a separatist rebellion after then-President Viktor Yanukovych was ousted.
In a previous statement, the UK foreign, commonwealth, and development office had advised its citizens against “all but essential travel” to Ukraine.
But in a statement on Friday, the UK government said it is now advising its citizens against all travel to the country.
“The Foreign, Commonwealth & Development Office today (Friday 11 February) updated its travel advice to Ukraine, and is now advising British nationals against all travel to Ukraine,” the statement reads.
“British nationals currently in Ukraine should leave now while commercial means are still available.”
According to the statement, a spokesperson of the office said its travel advice was updated because the safety and security of British nationals is top priority.
The UK government also said British nationals who choose to remain in Ukraine should keep their departure plans under constant review, and ensure their travel documents are up to date.
Meanwhile, Jake Sullivan, US national security adviser, has also urged Americans to leave the country.
He said although the US does not have definitive information that an invasion has been ordered by President Vladimir Putin of Russia, all the pieces were in place for a major military operation that could start “rapidly”.
“The risk is high enough and the threat is now immediate enough that prudence demands that it is the time to leave now,” Sullivan said.
The US had previously disclosed that Russia could invade Ukraine “any time now”.
In an interview, Sullivan had said “there is a very distinct possibility that Vladimir Putin will order an attack on Ukraine”.
“It could take a number of different forms. It could happen as soon as tomorrow or it could take some weeks yet,” he added.
On its part, the Nigerians in Diaspora Commission (NiDCOM) has advised Nigerians in Ukraine to be security conscious.