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Oil Prices Soar after Russia’s Putin Launch Military Action against Ukraine

Oil prices surged by nearly $6 per barrel Thursday after President Vladimir Putin launched Russian military action in Ukraine.
Brent crude oil jumped to over $100 per barrel on unease about possible disruption of Russian supplies. The price of US benchmark crude briefly surpassed $98 per barrel.
The ruble sank 7.5% to more than $87 to the US dollar.
The future for Germany’s benchmark DAX index lost 5.3% and London’s FTSE 100 was off 3.3% as Europe awakened to news of explosions in Kyiv, Kharkiv and other areas of Ukraine.
Putin said Russia’s military operation was needed to protect civilians in eastern Ukraine, a claim Washington had predicted he would make to justify an invasion.
US President Joe Biden denounced the attack as unprovoked and unjustified” and said Moscow would be held accountable, which many took to mean Washington and its allies would impose additional sanctions. Putin accused them of ignoring Russia’s demand to prevent Ukraine from joining NATO and to offer Moscow security guarantees.
Both US and Brent crude oil were hovering near $100 per barrel by early Thursday European time.
Benchmark US crude was $5.66 higher at $96.76 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to $92.10 on Wednesday.
Brent crude, the price basis for international oils, advanced $5.41 to $99.46 per barrel in London. It lost 20 cents to $94.05 the previous session.

About Parvin Faghfouri Azar

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