Oil prices jump about 2% at settlement as investors worry about crude supplies

Oil prices jumped about 2% during trading on Thursday, as investors worry about crude supplies amid mutual missile launches between Russia and Ukraine.

Brent crude futures rose $1.42, or 1.95%, to $74.23 a barrel at settlement.

US crude futures also rose $1.35, or 1.96%, to settle at $70.10 a barrel, according to Reuters.

“The risk to oil will be if Ukraine targets Russian energy infrastructure, and uncertainty about how Russia will respond to these attacks is another risk,” analysts at ING said in a note.

In another context, China revealed policy measures on Thursday to boost trade, including supporting the country’s imports of energy products, amid concerns about US President-elect Donald Trump’s threats to impose tariffs of up to 60% on imports from China.

This coincides with the possibility that the OPEC+ alliance will decide to postpone production increases again during its meeting on December 1, in light of weak global demand for crude, according to what three sources familiar with the matter told Reuters. The OPEC+ alliance, which pumps about half of the world’s oil, includes the member states of the Organization of the Petroleum Exporting Countries, along with other oil-producing countries led by Russia.