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Oil rises as Ukraine issues state of emergency, suffers cyber attacks

The potential return of more Iranian crude to the market weighed on prices, as Tehran and world powers inch closer to reviving a nuclear agreement.

February 23, 2022 / 10:12 PM IST
Representative image

Representative image

Oil prices reversed earlier losses on Wednesday, rising on reports that Ukraine's government, foreign ministry and state security service were affected by a cyberattack.

Brent crude was up $1.48, or 1.5%, to $98.32 a barrel at 10:38 a.m. EDT (1538 GMT), after hitting $99.50 on Tuesday, the highest since September 2014.

U.S. West Texas Intermediate (WTI) crude futures rose $1.58, or 1.7%, to $93.47 a barrel, after reaching $96 on Tuesday.

U.S. stocks slipped on Wednesday after giving up all of the opening gains as reports of cyberattacks on several Ukrainian state websites added to fears about escalating tensions with Russia.