Russia-Ukraine Escalation Takes Oil Prices To 100$ 

Web Desk — Today’s oil prices news is shocking as Russia-Ukraine tension gains mementum. The oil prices reached $100 per barrel on Tuesday, the highest since 2014 as the world’s biggest crude oil producer sent its troops into two breakaway regions in eastern Ukraine.

The global benchmark, Brent crude oil climbed to $99.50 a barrel, the highest level since September 2014. Despite pulling back to just below $98, the stock gained about 2.4 percent versus late Monday. The WTI crude price on Wednesday was $93.86 per barrel.

“The intensifying crisis between Russia and Ukraine has raised concerns about supply disruptions as sanctions hit Russia, the world’s second-largest oil exporter and the world’s top natural gas producer,” noted Victoria Scholar, head of investment at Interactive Investor.

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Talking about the oil prices forecast, ThinkMarkets analyst Fawad Razaqzada says it is clear that energy prices are unlikely to return to normal anytime soon, according to

“Consumers’ disposable incomes have already been squeezed by rising inflation, and if oil and other energy prices continue to rise, this could slow growth and raise the possibility of a recession,” he said. According to Julius Baer analyst Norbert Rucker, the oil market is experiencing frothiness and nervousness due to geopolitical fears and emotions. “According to the current mood, oil prices are likely to climb into triple digits in the near future,” he added.

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According to Bloomberg, “Forget the futures market, the world’s most important oil price just smashed through $100 a barrel with every sign it is going to push higher.”

“Dated Brent, the price of cargoes bought and sold in the North Sea, reached $100.80 a barrel on Wednesday for the first time since 2014, according to S&P Global Platts, the company that publishes the marker. Price spreads in the futures market are pointing to one of the tightest markets ever,” Bloomberg further added.

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