Oil prices shoot to $100 per barrel as Russia attacks Ukraine

Oil prices rose dramatically today as Russia attacks Ukraine.

The price of Brent crude oil opened at around $101 and traded as high as $105 a barrel. It closed the previous day at more than $96. 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.

Russia launched a massive attack on Ukraine early this morning, sending in troops and conducting airstrikes and shelling across the country.

The war has massive implications for global energy. In addition to being a major oil producer, Russia provides Europe with about 40% of its natural gas. The Biden administration asked Qatar to consider sending gas to Europe in the event of a war, but the Gulf state has not committed to doing so.