The price of oil on Thursday (24) exceeded 100 dollars for the first time in more than seven years, after Russian President Vladimir Putin announced a “military operation” in Ukraine.
A barrel of Brent hit $100.04 after the announcement, which intensified fears of a full-scale conflict in Eastern Europe. WTI oil was quoted at $95.54 a barrel.
The increase came after Putin announced a “military operation” in Ukraine and promised reprisals against anyone who interfered.
Hours earlier, the Kremlin assured that rebel leaders in eastern Ukraine had asked Moscow for military help to confront Kiev’s troops.
The threat of a conflagration has unleashed fears about supplies of key commodities such as wheat and metals amid rising demand as economies reopen after pandemic-induced closures.
In recent weeks, the price of oil had been rising until this Thursday, Brent surpassed the $100 mark for the first time since September 2014.
“Russian-Ukrainian tensions provoke a possible demand shock (in Europe) and a bigger supply shock to the rest of the world, given the importance of Russia and Ukraine to (the energy sector),” Tamas Strickland said. , from the National Australia Bank.
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