Mumbai: Oil prices crossed the $100 per barrel mark for the first time since 2014. It comes as Russia moved troops to Ukraine following the announcement by Russian President Vladimir Putin. Also Read: Russia Has Launched Full-Scale Invasion Of Ukraine, Declared War On Record: Ukraine
This has given rise to concerns that a war in Europe could disrupt global energy supplies.
According to a Reuters report, Ukraine’s Foreign Minister Dmitro Kuleba tweeted that Russia has launched a full-scale invasion of Ukraine and is targeting cities with weapons attacks. Also Read: In The Name Of Humanity, Bring Your Troops Back To Russia: UN Chief Appeals To Putin
As for Envers, Russia is the world’s second-largest oil producer, selling crude mainly to European refineries, and the largest supplier of natural gas to Europe, providing about 35% of its supply. Also Read: Ukraine Imposes Martial Law As Russia Declares War, Prez Says ‘We’ll Defeat Everyone’
With the disruptions in the supply chain due to this crisis around the Black Sea, Oil prices have touched the $100 per barrel mark from $75 per barrel in a matter of a few weeks.