Crude Oil Climbs On Supply Jitters As Russia-Ukraine War Escalates

Oil climbed more than 1% on Thursday as Russia and Ukraine launched missiles at each other, an escalation of the war that fed supply worries despite a bigger-than-expected increase in U.S. crude inventories.

Ukraine said Russia fired what appeared to be an intercontinental ballistic missile at the city of Dnipro on Thursday. If correct, this would be the first use in war of a weapon designed to deliver long-distance nuclear strikes.

Ukraine fired U.S. and British missiles at targets inside Russia this week despite warnings by Moscow that it would see such action as a major escalation.

Brent crude futures rose $1.02, or 1.4%, to $73.85 by 11:30 AM ET (1630 GMT). U.S. West Texas Intermediate crude futures rallied $1.01, or 1.4%, to $69.76.