Business leaders are increasingly worried about the escalating Russia-Ukraine conflict, with rising oil prices threatening to drive up living costs.
The crisis has sent Brent crude futures to US$97.66 a barrel, the highest level since September 2014, and global stocks have plunged.
Analysts at PTT Plc cited Suhail Al Mazrouei, the United Arab Emirates’ minister of energy and infrastructure, as saying expensive oil was attributed to the Russia-Ukraine conflict, not supply and demand problems.
The Russia-Ukraine dispute has become more volatile with the US and its European allies considering the imposition of sanctions on Russia following Moscow’s decision to recognise two breakaway regions in eastern Ukraine.
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