Brent Crude Oil Crosses $100 a Barrel on Russia Attacks on Ukraine

The price of Brent crude oil rose above $100 a barrel in the early hours of Thursday after President Putin announced special military operations in the Donbas region in Eastern Ukraine.

Brent crude oil, against which Nigerian crude oil is priced, broke through its key resistance level at $100 a barrel to established a new record-high at $102.06 a barrel.

In the early hours of Thursday, Putin announced the decision of Russia to carry out special military operations in Eastern Ukraine with the aim of demilitarising Ukraine.

The Russian President said “I have taken the decision to carry out a special military operation. Its goal will be to defend people who for eight years are suffering persecution and genocide by the Kyiv regime. For this, we will aim for demilitarization and denazification of Ukraine.”

This announcement pushed the price of Brent crude oil above $100 a barrel for the first time in more than seven years as oil traders have started pricing in possible supply disruption, despite the U.S saying sanctions won’t target crude oil flows.

Investors King understands that oil traders and investors expect the crisis to further drag on crude oil supplies, especially those from Russia. This coupled with the fact that OPEC+ can’t even meet its own oil supply target for months could see oil prices trading above $100 a barrel in the near term.