Oil Surges to $95 as Ukraine Tensions Stoke Supply Concerns
- U.S. says Russia military action may come as soon as next week
- Oil rises for eighth straight week amid tight supply outlook
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Oil rose for an eighth straight week as tensions between Ukraine and Russia heightened concern about tight global supplies.
The global benchmark rose 1.3% this week, touching $95 a barrel Friday before paring gains. National Security Advisor Jake Sullivan said Friday that the U.S. believes Russia could take offensive military action or attempt to spark a conflict inside Ukraine as early as next week.