WTI eyes $100 as Ukraine-Russia crisis re-ignite supply concerns

• WTI looks to claim $100 on intensifying fears as Putin orders execution of Zelenskyy.
• Oil prices are underpinned by the collapse of Russia’s SWIFT international banking system.
• The DXY is heading north amid a fresh wave of uncertainty in the market.

West Texas Intermediate (WTI), futures on NYMEX, is eyeing $100 barricade as the war between Russia and Ukraine intensifies after the Russian leader Vladimir Putin's orders to assassinate the Ukrainian President Volodymyr Zelenskyy in Kyiv. To undertake the operation, the Kremlin has sent 400 Russian mercenaries, who will execute Zelenskyy.

The statement from Moscow came after the Western leaders announced weaponry aid to support Ukraine in response to the escalating Russian military activities. Under the weaponry aid, Australia will provide lethal military equipment to Ukraine while Canada will transfer an additional $25 million worth of defensive military equipment that may help Ukraine to counter the Russian response. Meanwhile, Japan PM Fumio Kishida said that they need to move quickly to freeze Russian assets.

The collapse of Russia’s SWIFT international banking infrastructure has set oil prices on fire. An already tight supply oil market with more squeezes in the turnover will keep boiling the oil prices.

The US dollar index (DXY) is also approaching higher amid the fresh wave of risk aversion on assassination of Zelenskyy.

Now, investors will focus on Wednesday’s OPEC meet whose main agenda will be on increasing the oil supply higher than the stipulated one in order to fix the demand-supply imbalance. Till then, bulls will remain in control and headlines from Russia-Ukraine will be the major driver.