Ukraine- Russia Conflict Pushes Oil Price Near $100

Oil prices have seen one of its biggest increases since September 12, 2014 due to the escalation of Russia-Ukraine conflict.

Benchmark oil price, Brent Crude rose to $99.08 and gradually fell to $97.5 per barrel on Tuesday.

West Texas Crude price also rose to $96 per barrel which is close to the $100 per barrel prediction in 2022, according to Goldman Sachs.

The last time oil prices rose this high was on September 8, 2014 when Brent crude sold for $99.53 per barrel.

The rise is linked to the escalating tensions in Eastern Europe over Russia’s looming invasion of Ukraine.

The looming sanctions on Russia are fueling shocks in the different markets that Moscow participates actively in like oil and gas.

Russia pumps nine million barrels of oil per day out of the global oil production of about 96 million barrels per day.

President Joe Biden sanctioned Russia for violating international commitments.

The United Kingdom on Tuesday also slammed economic sanctions against five Russian banks and three wealthy individuals.

The sanctions targeted Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank.