Crude oil prices continued to rise Feb. 22 as Russia deployed troops into breakaway sections of eastern Ukraine and the US and other NATO members launched an initial barrage of sanctions against the country. US President Joe Biden said Feb. 22 that Russia's actions marked the beginning of an “invasion,” as he announced some financial banking and sovereign debt sanctions against Russia and the effort with Germany to suspend the Nord Stream 2 natural gas pipeline. However, crude prices remained tempered as talks continued to work toward a restored Iranian nuclear deal, including potential prisoner exchanges with the US. The Russia-Ukraine situation has helped to expedite a potential Iran deal to bring more crude oil onto the global market.
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