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Thursday, 24 February 2022 (YJC)_ Oil prices crossed $ 102 a barrel following Russia's invasion of Ukraine and concerns about disrupted global supply.
Today, world oil prices have risen in the wake of Russia's invasion of Ukraine and concerns about global supply disruptions. Brent crude traded up $ 5.39 at $ 102.23 a barrel.
West Texas Intermediate rose $ 4.81 to $ 96.91 a barrel.
Business Insider writes:
This is the first time since 2014 that the price of oil has reached this price.
Russia is the world's largest oil and gas exporter, and any disruption to its oil supply could lead to higher oil prices.
There have been numerous media reports of a Russian invasion of Ukraine and heavy explosions. Russia has reportedly bombed seven major Ukrainian cities, and Ukraine has claimed to have shot down five Russian fighter jets, but Russia has denied the allegations.
Economic expert Vishnu Varatan announced:
Russia is the third largest oil exporter in 2020 after Saudi Arabia and the United States, and any disruption in the country's oil could severely affect the world market.
Experts say the war between Russia and Ukraine could raise oil prices by up to 30 percent, or $ 30 a barrel.
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