Oil Breaches $100 For First Time Since 2014 On Ukraine Attacks

Russia - Ukraine Conflict!

Oil prices jumped as the conflict between Russia and Ukraine began. However, the prices have been at peak and the prices touched $100 for the first time. 

This is the first time since 2014 on Ukraine attacks that the prices have touched $100.The last time Brent exceeded $99 per barrel was in September 2014.

According to a Reuters report, Brent crude hit a high of $101.34 a barrel in early Asia trade, the highest since September 2014. U.S. West Texas Intermediate (WTI) crude futures jumped $4.22, or 4.6 percent, to $96.32 a barrel, after rising to as much as $96.51, also the highest since August 2014.

While supplies seem to be of little worry for India, it is the prices that are a cause of concern. Domestic fuel prices - which are directly linked to international oil prices - have not been revised for a record 110 days in a row.

According to the tweet, Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons strikes, Foreign Minister Dmytro Kuleba said in a tweet.

Russia is the world's second-largest oil producer, which mainly sells crude to European refineries, and is the largest supplier of natural gas to Europe, providing about 35 percent of its supply.

According to Warren Patterson, Head Of ING Commodity Research, Russia’s announcement of a special military operation into Ukraine has pushed Brent to the $100/bbl mark," adding that the oil market will nervously be awaiting what further action Western nations take against Russia. Adding more he said, this growing uncertainty during a time when the oil market is already tight does leave it vulnerable, and so prices are likely to remain volatile and elevated."