Oil prices recorded a jump in the global market, crossing the threshold of $100 a barrel on Thursday, for the first time in 7 years, after Russia announced the launch of a military operation in Ukraine.
The price of West Texas Intermediate crude, the benchmark for US oil, rose on Thursday morning by nearly 5% to $96.70 a barrel for delivery next April. It continued to rise during today’s trading, to jump above 98 dollars.
While the price of Brent crude rose by 5.14% to reach $101.13 a barrel for next April delivery. It continued to rise to exceed $103 per barrel during today’s trading.
Russia is a major producer of crude oil, as it is the second largest producer after the United States, with a daily average of 10.2 million barrels. It is the largest exporter of natural gas to Europe.