By Barani Krishnan

Investing.com – The counter trade is present in virtually every trade. However, the significance of this trade depends on its strength. 

In Tuesday’s crude trade, prices rose but not in a straight line as some traders kept open the option that Russian oil and other energy exports may not get strangulated all together by Western sanctions against Moscow for its “backdoor invasion” of eastern Ukraine.

Joe Biden, President of the United States announced that it has put all sanctions in place against Russia to block two Russian banks as well as their families and elites. They also imposed total blocking sanctions against Russia’s sovereign and commercial debts.

The London-traded was the benchmark global oil price by rising 0.9% to $93.80 per barrel at 2:30PM ET (9:30 GMT). Interday’s peak was $96.44.

New York-traded Brent crude settled higher at $92.35, or 1.4%. It hit $94.42.

Many had expected crude prices to fly to $100 a barrel upon news of Russia’s invasion into Ukraine. Russia’s parliament on Tuesday approved troops for “peacekeeping operations” in the two breakaway regions in eastern Ukraine that Moscow formally endorsed on Tuesday. On Tuesday morning, columns of military vehicles and tanks were visible near Donetsk (one of the occupied territory). 

The White House called the latest Kremlin’s provocations on Ukraine an invasion — regardless what the Russian parliament called it. 

CNN’s deputy national security advisor Jon Finer stated that “I call it an invasion.” 

Germany has halted Nord Stream 2 Baltic Sea Gas Pipeline Project. The project was designed to increase the flow of Russian natural gas to Germany by doubling its current capacity. 

U.S. were up 2% at $4.46 per thermal unit on speculation that more gas supplies will be sourced from America’s gas supply to cover Europe’s shortfall in heating and power needs.

Oil traders are looking out to see what impact new sanctions could have on Russia’s crude exports and how that will factor into a world where supply was already heavily strained by shortages created by deliberate OPEC+ production cuts.