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Crude oil price hits $100 per barrel amidst Russia-Ukraine crisis

The price of crude oil (Brent) has hit the $100 benchmark per barrel in the international market, majorly due to the ongoing Russia-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, a few minutes ago, the price of Brent, usually utilised to benchmark other prices, rose to $103.33 per barrel, from $96 per barrel, in the global market.

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.

Russian forces have fired missiles at several cities in Ukraine and landed troops on its coast on Thursday, officials and media said, after President Vladimir Putin authorised what he called a special military operation in the east.

“Russia cannot feel safe, develop, and exist with a constant threat emanating from the territory of modern Ukraine,” Putin said.

“All responsibility for bloodshed will be on the conscience of the ruling regime in Ukraine.”

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