Oil jumps over $2 as Ukraine mobilizes for war, WTI at 5-month top

Brent and U.S. crude oil rallied more than $2 per barrel to multi-month highs on Monday, lifted by rising tension in Ukraine after Russian President Vladimir Putin declared he had the right to invade his neighbor.

Russia is the world’s biggest oil producer and Ukrainian Prime MinisterArseny Yatseniuk said Moscow’s move to use military force was a “declaration of war”.

Oil prices rose as most financial markets plummeted, with investors pulling out of riskier assets such as stocks.

Putin secured permission from his parliament on Saturday to use military force to protect Russian citizens in Ukraine and told U.S. President Barack Obama he had the right to defend Russian interests and nationals, spurning Western pleas not to intervene.