Oil surged to its highest since 2014 this morning after ordered troops into two breakaway regions in eastern , adding to supply concerns that are pushing prices to near $100 a barrel.
The US, UK and European allies are poised to announce new sanctions against Russia after President formally recognized the two regions in eastern Ukraine - Donetsk and Luhansk - escalating a security crisis on the continent.
But Russia is a major exporter of oil to the US, while roughly a third of Europe's supply of gas comes from Russian pipelines - some of which run through Ukraine itself.
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