Global Oil Benchmark, Brent crude has hit $102 per barrel, the highest since 2014 amid the Russia-Ukraine crisis.
Gatekeepers News reports that the global oil price rose to $102 a barrel on Thursday, the highest since September 2014, with escalating tensions between Russia and Ukraine.
The global oil benchmark rose over 5 percent to trade at $102.27 a barrel.
Meanwhile, West Texas Intermediate also witnessed a corresponding increase of over 5 percent at $97.06 a barrel.
This development comes after the Russian President, Vladimir Putin ordered a special military operation in Ukraine’s Donbas region.
Gatekeepers News earlier reported that explosions were reported in Kyiv, Ukraine’s capital, on Thursday morning.
Putin in a televised announcement, said “We have taken the decision to conduct a special military operation… demilitarisation and denazification” of Ukraine.
Ukraine’s Interior Ministry confirmed that Russia has started attacks on the country.
Although the US and its European allies had tried for weeks to repel the attack through diplomatic talks, this has proven abortive as fear for a spark of the biggest war in Europe since 1945 looms.
Meanwhile, President Joe Biden had said that he would meet with world leaders to impose “severe sanctions” following the Russian attack.
