Oil prices fell Monday (21/02) in Asia but tensions in Ukraine and the delay in Iran nuclear deal talks loomed.
Brent oil prices were down 0.39% at $91.03 per barrel by 12:28 WIB and WTI oil prices were down 0.45% at $89.81 per barrel.
The United States believes that Russia's invasion of Ukraine will see it target several cities outside the capital Kyiv, according to three sources speaking on the matter.
Moscow has stated that its troops will remain in Belarus indefinitely, despite repeated denials of invasion.
For the time being, negotiations in Vienna with Iran that revived the 2015 nuclear deal have been deadlocked despite the German chancellor warning that it is now or never to save the deal.
A successful deal would mean more supplies from Iran.
Crude oil surged to its highest level since 2014 last week.
The escalating tensions from the Ukraine crisis come amid a spike in global demand, supply disruptions and falling supplies. The Russian invasion and US-led retaliatory sanctions could disrupt global energy supplies.
With that in mind, oil prices could set new demand records this year for a "sustainable period" above $100 a barrel over the next six to nine months, Vitol Group Chief Executive Officer Russell Hardy told Bloomberg.
This will add to global inflationary pressures as major economies recover from the pandemic.
