Oil price finally hits $100 per barrel following Ukraine crisis

Hours after Russia carried unleashed attack on Ukraine the price of crude oil (Brent) has hit the roof at $100 per barrel in the international market.

Following a sustainable increase in demand for crude oil after the Coronavirus pandemic lockdown, it was predicted that oil prices could rise to $100 per barrel, but that did happen.

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However, a few minutes ago, the price of Brent, usually utilised to benchmark other prices, rose to $103.33 per barrel, from $96 per barrel, in the global market.

As a result of the development, there are indications that the prices of other crudes, including Nigeria’s Bonny Light, currently hovering at $96.60 per barrel, will continue to rise.