Crude oil prices soared past the $100 a barrel mark for the first in more than seven years on Thursday after Russian President Vladimir Putin ordered a military operation in Ukraine.
Brent crude oil surged to a high of $102.48 per barrel on Thursday, the highest level since September 2014. Brent crude oil price surged 5.4 per cent in a day.
West Texas Intermediate (WTI) crude oil price jumped 5.9 per cent to $97.58 a barrel, the highest level since August 2014. Oil prices have increased by more than $20 a barrel since the beginning of the 2022 calendar year due to the escalating tensions between Russia and the United States and its allies over the Ukraine issue.
Russia is a large exporter of oil and gas.
The confrontation in the Russia-Ukraine region has fanned concerns over supplies of petroleum products and other commodities. India is one of the biggest importers of oil and gas. The disruptions in supplies and rise in prices will have a huge negative impact on the Indian economy.
Finance Minister Nirmala Sitharaman said earlier this week that the Ukraine-Russia crisis and high oil prices pose threat to India's financial stability.
(With inputs from ANI)
