Brent crude futures hit $71.24 as Russia-Ukraine war escalates

Oil prices rose on Monday after tensions between Russia and Ukraine intensified over the weekend. Brent crude futures jumped 20 cents to $71.24 a barrel, while US West Texas Intermediate crude futures rose 9 cents to $67.11 a barrel. US on Sunday allowed Ukraine to use its missiles deep into Russia, after which Russia conducted massive air strikes on Ukraine.