Russia-Ukraine war: Brent crude jumps to $110 per barrel, highest since 2014
By Team Newsable | First Published Mar 2, 2022, 9:59 AM ISTBrent increased by 4.88 per cent to $110.09, while WTI increased by 5.06 per cent to 108.64. Both have reached seven-year highs.
Brent crude on Wednesday surpassed $110 a barrel, and WTI was up more than 5%, as Russia's invasion of Ukraine fueled concerns about the region's supply of the critical commodity.
Brent increased by 4.88 per cent to $110.09, while WTI increased by 5.06 per cent to 108.64. Both have reached seven-year highs.
Oil prices skyrocketed when members of the International Energy Agency decided to release 60 million barrels of oil from emergency stocks. The United States and 30 other International Energy Agency (IEA) members agreed on Tuesday to release 60 million barrels of oil reserves to compensate for supply interruptions caused by the Russia-Ukraine war.
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"We are prepared to utilise every instrument at our disposal to prevent interruption to global energy supplies as a result of President Putin's actions," Jen Psaki, White House press secretary, stated following the IEA meeting.
Last week, Russian President Vladimir Putin opted to launch "military operations" across the Ukraine border, causing oil prices to rise near $100 per barrel for the first time since July 2014. To counter Putin's hostility, some Western countries have restricted Russian firms.
The battle in Eastern Europe came when prices were already skyrocketing due to restricted supply and a robust recovery in demand globally as economies reopened following pandemic-induced shutdowns.
According to experts, the local assembly elections are the key reason for maintaining gas and diesel prices the same in India for months. In the past, there have been instances of fuel and diesel daily price revisions being halted before to municipal elections. In the midst of political upheaval and supply disruptions in the Russia-Ukraine area, motor gasoline prices are likely to rise after the assembly elections are completed.
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