Oil prices shoot to $100 per barrel as Russia attacks Ukraine
The price of Brent crude was already at a historic high before the invasion began.
Oil prices rose dramatically today as Russia attacks Ukraine.
The price of Brent crude oil broke $100 a barrel at around 4:30 am ET, and traded as high as $105 a barrel at some points of the day. Brent crude is widely considered the global benchmark for oil prices.
Today’s price was the highest since 2014. Last month, oil prices rose to more than $87 a barrel for the first time since that year.
Oil prices plummeted during the COVID-19 pandemic in 2020, but rebounded after supply coordination between Russia, Saudi Arabia and other major oil producers. Travel has also rebounded since the early days of the virus.
