Oil prices rose today, with Brent rising above US$105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two. The US and Europe have promised the toughest sanctions on Russia in response.
Brent Crude rose US$8.24, or 8.5%, to US$105.08 a barrel at 10:45 GMT. US West Texas Intermediate (WTI) crude jumped US$7.78, or 8.5%, to US$99.88.
Brent and WTI hit their highest prices since August and July 2014 respectively. Russia is also the largest provider of natural gas to Europe, providing about 35% of its supply.