Oil hits $100 a barrel as Putin orders troops into Ukraine

Oil hits $100 a barrel as Putin orders troops into Ukraine

/ Financial News / Thursday, 24 February 2022 07:59

Oil reached $100 a barrel for the first time since 2014 as Russia deployed troops into Ukraine, triggering concerns that a war in Europe could impact global energy supplies.

Putin announced a televised "special military operation" in Ukraine's Donbas region. Explosions in Ukraine's capital Kyiv as well as other parts of the country following the announcement have been reported. Russian has also warned of 'instant' response to anyone who tries to intervene.

Brent hit a high of $101.34/bbl and WTI touched high of $96.51/bbl, highest since Aug 2014.

Meanwhile, the US and its allies have said that they would respond in a united and decisive way to "an unprovoked and unjustified attack by Russian military forces" on Ukraine.

The United States has also imposed sanctions on the company in charge of building Russia's Nord Stream 2 gas pipeline, in addition to earlier sanctions imposed on banks.

Russia remains the second-largest gas, and the third-largest oil producer, accounting for 17% and 12% of the global output respectively. Russia is now ‎the third-largest exporter of oil ‎(down from second place in 2019) exporting about 5 million barrels a day of crude, which is roughly 12% of the global oil trade.

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