International Oil Prices Hit $100-mark For First Time As Russia Invades Ukraine

Russia Ukraine News: After Vladimir Putin announced military operation in Ukraine, Oil prices touched $100 per barrel mark for the first time since 2014.

New Delhi: Oil Prices breached $100 a barrel-mark for the first time since 2014. This comes as Russia moved troops into Ukraine following an announcement by Russian President Vladimir Putin. This has sparked concerns that a war in Europe could disrupt global energy supplies.

According to a report by Reuters, Ukrainian Foreign Minister Dmytro Kuleba tweeted that Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons strikes.

For the unversed, Russia is the world’s second-largest oil producer, which mainly sells crude to European refineries, and is the largest supplier of natural gas to Europe, providing about 35% of its supply. With the disruptions in the supply chain due to this crisis around the Black Sea, Oil prices have touched $100 per barrel mark from $75 per barrel in a matter of a few weeks.