International benchmark Brent crude futures surpassed $100 a barrel for the first time since 2014 following Russia’s invasion of Ukraine.
Highlights
- International benchmark Brent crude futures surpassed $100 a barrel for the first time since 2014 following Russia’s invasion of Ukraine.
- Oil prices have jumped more than $20 a barrel since the start of the year amid escalating Russia-Ukraine tensions.
- Now, it is feared a wave of international sanctions on Russia’s energy sector could disrupt supplies.
- Russia is the world’s second-largest producer of natural gas and one of the largest oil-producing nations.
- The attack is expected to have far-reaching implications for energy markets given Russia’s role as the second largest producer of oil and second largest natural gas producer in the world, behind Russia’s oil and natural gas.