Brent oil prices surge to over $100 a barrel for the first time in eight years as Russia attacks eastern Ukraine
Oil has breached $100 a barrel level for the first time since 2014 as Russia moved troops into eastern Ukraine, sparking concerns that a war in Europe could disrupt global energy supplies.
US West Texas Intermediate crude futures jumped $4.22, or 4.6 per cent, to $96.32 a barrel, after rising to as much as $96.51, also the highest since August 2014. "Russia’s announcement of a special military operation into Ukraine has pushed Brent to the $100/bbl mark," said Warren Patterson, head of ING's commodity research, adding that the oil market will nervously be awaiting what further action Western nations take against Russia.
"One factor that could act as a temporary brake on prices is the Iran nuclear deal with rumours swirling around that a new agreement could be announced, possibly as early as this week," said Jeffrey Halley, senior market analyst at OANDA. Iran on Wednesday however urged Western powers to be "realistic" in talks to revive the 2015 nuclear deal, and said its top negotiator was returning to Tehran for consultations, suggesting a breakthrough in its discussions is not imminent.
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