Indecent oil prices soared previous the $100 a barrel trace for the first in extra than seven years on Thursday after Russian President Vladimir Putin ordered a protection force operation in Ukraine.
Brent indecent oil surged to a high of $102.48 per barrel on Thursday, the top stage since September 2014. Brent indecent oil tag surged 5.4 per cent in a day.
West Texas Intermediate (WTI) indecent oil tag jumped 5.9 per cent to $97.58 a barrel, the top stage since August 2014.
Oil prices like elevated by extra than $20 a barrel since the starting of the 2022 calendar year attributable to the escalating tensions between Russia and the US and its allies over the Ukraine disaster. Russia is a immense exporter of oil and fuel. The confrontation within the Russia-Ukraine space has fanned concerns over provides of petroleum merchandise and other commodities.
India is one among the largest importers of oil and fuel. The disruptions in provides and upward thrust in prices will like a monumental detrimental affect on the Indian financial system.
Finance Minister Nirmala Sitharaman talked about earlier this week that the Ukraine-Russia crisis and high oil prices pose threat to India`s monetary balance.