Oil tops $105 after Russia attacks Ukraine
Oil prices surged dramatically for the first time since 2014 after Russia launched attack in Ukraine, raising concerns about disruptions to global energy supply.
Brent went above $105 a barrel while natural gas prices in Europe leapt by 60% as Europe depends on Russia for supplies of oil and gas.
Russia is one of the world’s top producers and exporters of crude oil and natural gas.
Energy prices were already relatively high before this crisis as production has not kept pace with surging demand from a global economy that is recovering from the pandemic. Russia’s missile strikes on cities across Ukraine have raised those prices even further.
The surge in crude prices is likely to lead to higher gasoline prices as the world is facing highest inflation level in four decades.
Members of the Organization of the Petroleum Exporting Countries (OPEC+) and their allies including Russia, will hold their next meeting on March 2 as the Russia-Ukraine conflict threatens to disrupt already tight supplies of crude oil.
