Crude Oil Surges 7% Again As Russia-Ukraine Tensions Mount

As tensions mounted over the Russia-Ukraine war, Brent Crude prices surged once again in trade. The U.S. and Western allies imposed a new round of sanctions on Russia Saturday evening that target the country's financial system, which many say would hit exports of crude and natural gas from Russia.

The markets had a brief respite on Friday, when crude fell, but, the new week has started all over again with a s sudden bounce in crude prices.

On Monday, Brent Crude was the international oil benchmark, rose by as much 7% to trade as high as $105 per barrel.

Reports that the Society for Worldwide Interbank Financial Telecommunication, or SWIFT would cut off certain Russian banks from the system only aggravated the problems.

It is likely that we will see Crude oil continue to surge, as Russia is a big player in the oil and gas sector worldwide.

In India, fuel prices have not been revised because of the ongoing state elections and there is a possibility that prices would rise post the elections. Oil marketing companies have been losing heavily and the government has recently taken stock of the losses.

Petrol prices and diesel prices are likely to be revised post the state wide elections are over. India is vulnerable to rising crude prices, as it tends to stoke inflation.