প্রকাশ: 24/02/2022
Oil prices soared past $100 for the first time in more than
seven years on Thursday after Russian President Vladimir Putin announced a
"military operation" in Ukraine, apparently realizing fears he would
invade.
Brent surged to $100.04 a barrel after the announcement, as
concerns grew about a full-scale conflict in eastern Europe. WTI hit $95.54.
It came after Putin made a surprise statement on television
to declare his intentions.
“I have made the decision of a military operation,” he said
shortly before 6:00 am (0300 GMT) in Moscow. as he vowed retaliation against
anyone who interfered.
He also called on the Ukrainian military to lay down its
arms.
His statement came after the Kremlin said rebel leaders in
eastern Ukraine had asked Moscow for military help against Kyiv.
US officials had warned of an imminent incursion by Russia
after the Kremlin this week recognized two breakaway regions in Ukraine and
said it would provide “peacekeepers”.
Fears of a move were ramped up after separatists called for
help to repel Ukraine forces.
The threat of a conflagration has fanned concerns over
supplies of key commodities including wheat and metals just as demand rallies
owing to the reopening of economies after pandemic lockdowns.
Crucially, oil has soared in recent weeks and on Thursday
world benchmark Brent finally broke the $100 mark last seen in September 2014.
“Russia/Ukraine tensions bring both a possible demand shock
(for Europe), and more importantly a much larger supply shock for the rest of
the world given the importance of Russia and Ukraine to energy, hard
commodities and soft commodities,” said National Australia Bank’s Tapas
Strickland.
The crisis comes as governments struggle to contain runaway
inflation fuelled by demand as life returns after recent lockdowns, with many
fearing the fragile global economic recovery could be knocked off course. – AFP
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