The price of crude oil (Brent) has hit the roof at $100 per barrel in the international market, due mainly to the ongoing Ukraine crisis.
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.
However, Brent Crude sold at $103.59 per barrel in the early hours of Thursday. This is the first time Brent Crude is rising above $103.59 since August 2014.
West Texas Intermediately Crude is selling at $98.27 per barrel for the first time since August 2014 when it sold for $89.
The surge in crude prices early Thursday came in the wake of a wide scale military operation in east of Ukraine.
In a televised broadcast, President Vladimir Putin confirmed he had approved a “special military operation” in the Donbas region of Ukraine.
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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