Oil futures rose 3% after Russia’s president, Vladimir Putin, said there would be a partial military mobilization in the country.
Brent crude futures rose 3.07% to $93.40 per barrel, and West Texas Intermediate futures added 3.13% to $86.57 per barrel.
A partial mobilization is a hazy concept, but it could mean that Russian businesses and citizens have to contribute more to the war effort. Russia has not yet declared war on Ukraine, despite having invaded it in February, and it calls its invasion a “special military operation.”
Putin confirmed that military reservists would be called-up into active service, but insisted a wider conscription of Russian men of fighting age was not taking place.
“I reiterate, we are talking about partial mobilization, that is, only citizens who are currently in the reserve will be subject to conscription, and above all, those who served in the armed forces have a certain military specialty and relevant experience. Conscripts will obligatorily go through additional military training based on the experience of the special military operation before departing to the units,” he said according to an AP translation.