Crude oil prices soared past the $100 a barrel mark for the first in more than seven years on Thursday after Russian President Vladimir Putin ordered a military operation in Ukraine.
Brent crude oil surged to a high of $102.48 per barrel on Thursday, the highest level since September 2014. Brent crude oil price surged 5.4 per cent in a day.
West Texas Intermediate (WTI) crude oil price jumped 5.9 per cent to $97.58 a barrel, the highest level since August 2014.
Oil prices have increased by more than $20 a barrel since the beginning of the 2022 calendar year due to the escalating tensions between Russia and the United States and its allies over the Ukraine issue. Russia is a large exporter of oil and gas. The confrontation in the Russia-Ukraine region has fanned concerns over supplies of petroleum products and other commodities.
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India is one of the biggest importers of oil and gas. The disruptions in supplies and rise in prices will have a huge negative impact on the Indian economy.
Finance Minister Nirmala Sitharaman said earlier this week that the Ukraine-Russia crisis and high oil prices pose threat to India`s financial stability.