Oil prices on Thursday jumped following Russia’s invasion of Ukraine, with international benchmark Brent crude surpassing $100 a barrel for the first time since 2014.
The attack is expected to have far-reaching implications for energy markets given Russia’s role as the world’s second-largest producer of natural gas and one of the world’s largest oil-producing nations.
Oil prices have jumped more than $20 a barrel since the start of the year amid escalating Russia-Ukraine tensions. Now, it is feared a wave of international sanctions on Russia’s energy sector could disrupt supplies.
Brent crude futures rose more than 8.1% to trade at $104.69 a barrel during afternoon trade in London.
Oil prices jump 8% as Russia invades Ukraine; Brent tops $100 for first time since 2014
- by: Sam Meredith, Joanna Tan, Abigail Ng
- 2022-02-24
- Source:
CNBC
- 02/24/2022
A pump jack sits in the middle of a Canola Field on the banks of the Red Deer River valley. by David Thielen is licensed under Unsplash unsplash.com
A pump jack sits in the middle of a Canola Field on the banks of the Red Deer River valley. by David Thielen is licensed under Unsplash unsplash.com
