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Oil breaches $100 for the first time since 2014 after Ukraine attacks 2022-02-23 23:55 Shafaq News/ Oil breached the $100 per barrel level today, Thursday, for the first time since 2014 as Russia moved its forces to Ukraine, raising fears that a war in Europe could disrupt global energy supplies. Brent crude recorded its highest level at $101.34 a barrel in early Asian trading, the highest since September 2014, and reached $101.20 a barrel at 04:23 GMT, up $4.36, or 4.5 percent. US West Texas Intermediate crude futures jumped $4.22, or 4.6%, to $96.32 a barrel, after rising to $96.51, also the highest level since August 2014. Russian Foreign Minister Dmytro Kuleba said in a tweet on Twitter that Russia has launched a large-scale invasion of Ukraine and is targeting cities with weapons strikes. Russian President Vladimir Putin authorized a military operation in eastern Ukraine on Thursday in what could be the start of a war in Europe over Russia's demands to end NATO's eastward expansion. Russia is the world's second largest oil producer, selling crude mainly to European refineries, and is the largest supplier of natural gas to Europe, providing about 35% of its supplies. Western countries and Japan on Tuesday sanctioned Russia with new sanctions over its order to send troops to separatist regions in eastern Ukraine and threatened to go ahead if Moscow launched a full-scale invasion of its neighbour. So far, there are no sanctions on energy trade yet. On Thursday, Japan and Australia said they were ready to tap their oil reserves, along with other members of the International Energy Agency, if global supplies were affected by hostilities in Ukraine. Read more “One factor that could act as a temporary brake on prices is the Iran nuclear deal with rumors swirling that a new agreement could be announced, possibly as early as this week,” said Jeffrey Haley, senior market analyst at OANDA. "However, Ukraine's concerns, and their broader ramifications will continue to support oil prices which remain a solid buy on dips."
