29/09/2022

GbaramatuVoice Newspaper

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BREAKING: Crude oil hits $100 mark for first time in last seven years on Ukraine crisis

1 min read

At last, the price of crude oil (Brent) has hit the roof at $100 per barrel in the international market for the first time in more than seven years on Thursday after Russian President Vladimir Putin announced a “military operation” in Ukraine, apparently realising fears he would invade.

Brent surged to $100.04 a barrel after the announcement, as concerns grew about a full-scale conflict in eastern Europe. WTI hit $95.54.

The price of oil had been predicted to rise to $100 per barrel because of a sustainable increase in demand after the Coronavirus pandemic lockdown, but it did not.

ALSO READ: Ukraine claims to have downed 5 Russian planes and a helicopter

However, a few minutes ago, the price of Brent, usually utilised to benchmark other prices, rose to $103.33 per barrel, from $96 per barrel, in the global market.

ALSO READ: Russia attacks Ukraine on Putin’s orders

Nevertheless, there were indications that the prices of other crudes, including Nigeria’s Bonny Light, currently hovering at $96.60 per barrel, will continue to rise.

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