Oil prices shoots up to seven-years' high as Russia-Ukraine crisis fires up

24 Feb 2022 , 01:19 PM

On Thursday, Brent crude oil prices in Asian markets crossed the most anticipated $100 mark as the tensions between Russia and Ukraine intensified. In the latest developments, Russia attacked Ukraine which stretched tensions in the European region.

The Brent Crude was trading at $100.17 per barrel, up by 2.70% against its previous closing of $96.84 per barrel. WTI Future was seen 6.40% higher at $97.99.

Brent Oil Futures jumped to $98.63 with a 4.87% increase.

Earlier, Russian President Putin, announced a military operation in Ukraine signaling an invasion over the European region. He also exhorted the Ukrainian army to lay down its arms.

Asian markets also remain fierce over the crisis as broader indices in Tokyo and Seoul fell nearly 2%, and Hong Kong and Sidney’s index pared more than 3%. Wall street’s benchmark index S&P 500 also cut off about 1.8% to an eight-month low after Putin’s move. Japan’s Nikkei also dropped near 2% in today’s trade.

On the domestic front, the broader index BSE Sensex also tumbled 3.14% or 1900 points and was last seen at 55,435.90 points maintaining a bearish tone. NSE Nifty break off 576 points so far to trade at 16,486.90 points.