NY oil prices rise 1.96% on Russia's ICBM launch claims

Oil prices in New York surged amid growing concerns over the war, with claims that Russia fired ICBMs, or intercontinental ballistic missiles, into Ukraine.

On the New York Mercantile Exchange, West Texas Intermediate for January delivery rose $1.35 and 1.96% to settle at $70.10 a barrel, crossing the $70 mark for the first time since the 8th.

Brent crude oil for January delivery, which is subject to international market comparisons, closed at $74.23 a barrel, up $1.42 and 1.95% from the previous session, its highest close since the 7th.

Geopolitical risks appear to have been reflected higher in oil prices as Ukrainian forces claim Russia attacked Ukraine's Dnyrov region and fired ICBMs.

SIA asset management said the Ukraine crisis had affected the market, but the impact on oil prices had not continued, adding that the problem was weaker global crude oil demand than supply concerns caused by the war.