Brent crude up $12, shares sink as Ukraine conflict deepens
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By YURI KAGEYAMA
AP Business Writer
TOKYO (AP) — The price of oil has jumped more than $12 a barrel and shares are sharply lower as the conflict in Ukraine deepens amid mounting calls for harsher sanctions against Russia. Brent crude oil surged above $130 a barrel. Benchmark U.S. crude was up $10 at more than $125 a barrel. The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperiled as Russian forces battered strategic locations. A temporary cease-fire in two Ukrainian cities failed — and both sides blamed each other. Libya’s national oil company said an armed group shut down two crucial oil fields.