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Russia-Ukraine crisis: Indecent oil prices bolt previous $100 a barrel for first time since 2014

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.

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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. 

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Kunal Guha

Director, Founder and Editor in Chief
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