While rising tensions in the Russia-Ukraine war generated market anxieties about potential supply disruptions, oil markets rose behind a broader market bounce.

Futures in New York increased by as much as 2% on Wednesday, with the global benchmark, Brent, exceeding $90 per barrel for the first time in seven years. For the third week in a row, inventories at the largest US oil hub declined 1.8 million barrels. The structure of the oil market has shifted in recent days, indicating a supply shortage.

Prices are also fluctuating due to growing fear about a possible Russian invasion of Ukraine, with US President Joe Biden indicating he would consider penalising Russian President Vladimir Putin if he orders such an invasion.

While a potential conflict poses significant risks to financial markets, particularly for energy commodities such as natural gas and oil, analysts assume that supplies would not be disrupted.

Crude has had a wild week, falling on Monday and then rising on Tuesday. Prices have reached a seven-year high, with demand recovering after the epidemic as mobility improves.