Russia’s declaration of war on Ukraine has prompted a rebound in Brent crude oil prices to break through $ 100 a barrel for the first time since 2014 in the Asian session.
Russian President Vladimir Putin had authorized military operations in eastern Ukraine on Thursday and minutes following the announcement several explosions were heard in the capital Kiev.
Russia's attack on Ukraine has exacerbated market concerns over supply constraints from the two major oil producers.
This has driven Brent crude futures to $ 101 a barrel, the highest ever recorded since September 2014 after soaring around 4.5%.
While U.S. WTI trading also rose 4.6% to $ 96.40 a barrel, the highest since August 2014.
According to a tweet on the twitter page of the Ukrainian Foreign Minister, he told that Russia has launched a massive invasion of Ukraine and targeted cities with armed attacks.
Russia is the world’s second-largest oil producer, selling mostly crude oil to European refineries, and is the largest supplier of natural gas to Europe, providing about 35% of its supply.
