According to data from the London ICE exchange, the cost of April futures for Brent crude oil during Friday’s trading exceeded $103 per barrel for the first time since September 2014.
The price reached $103.68 per barrel, a record high since August 2014. Then, at its peak, it rose to $106.85 per barrel.
Brent was worth $96.84 per barrel at the close of yesterday’s trading. Today’s trading opened at $97.8. Thus, the brand has risen in price by more than 7% in the morning.
The cost of WTI oil is growing at almost the same pace. Its April futures reached $98.44 per barrel, a record since August 2014. Yesterday’s trading closed at $92.1 per barrel, today’s trading started at $93.16. During the morning, the brand has risen in price by 6.9%.
Oil rises in price against the backdrop of the situation in Ukraine. On Thursday, Russian President Vladimir Putin announced the start of a military operation in the Donbass.
According to CNN, explosions are also observed in several major cities of Ukraine, including in the vicinity of the Kyiv airport. Ukrainian President Volodymyr Zelensky has declared martial law in the country.
He called on Western countries to “force Russia to peace” and impose sanctions against it. US President Joe Biden also announced tough restrictive measures for military aggression.