Oil prices soar above $105 as Russia invades Ukraine, highest since 2014

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Oil prices soar above $105 as Russia invades Ukraine, highest since 2014
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The price of oil jumped to its highest point since 2014 following Putin’s invasion of Ukraine, with international benchmark Brent crude surpassing $105 a barrel amid concerns about disruptions to the global energy supply.

U.S. West Texas Intermediate futures, meanwhile, jumped by more than 8% to trade at $99.46 — also the highest jump in eight years.

“At this stage, it is anything but clear what could bring the Russian president to his senses, therefore the situation, the equity, and oil markets will remain volatile,” Tamas Varga, a senior analyst at PVM Oil Associates, told CNBC on Thursday. “As I said last week, defending freedom will have costs for us as well, and here at home,” Biden told reporters at the White House on Tuesday.

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