Oil rises above $100 for very first time since 2014 as Russia assaults Ukraine
Oil prices surged, with Brent breaching $100 a barrel for the very first time given that 2014 on Thursday as Russia attacked Ukraine, exacerbating problems that a war in Europe can interfere with international power supplies. After Russian Head of state Vladimir Putin authorized what he called a special military operation, Ukraine's Foreign Minister Dmytro Kuleba said in a tweet that Russia had actually released a full-scale intrusion of Ukraine and also was targeting cities with tools strikes. Brent crude struck a high of $102.48 a barrel, the loftiest because September 2014, and was at $102.06 a barrel at 0547 GMT, up $5.22, or 5.4 percent. U.S. West Texas Intermediate (WTI) unrefined futures jumped $4.85, or 5.3 percent, to $96.95 a barrel, after rising to as long as $97.40, the highest possible given that August 2014. Oil costs have risen more than $20 a barrel since the start of 2022 on concerns that the United States and Europe would impose assents on Russia's power field, interfering with materials. Russia is the globe's second-largest oil producer, generally selling its crude to European refineries, and is the biggest supplier of gas to Europe, providing regarding 35 percent of the latter's supply.