AS RUSSIA INVADES UKRAINE, OIL PRICES SOAR ABOVE $100 AND STOCK PRICES PLUMMET

  • 24/02/2022

After Russia launched an invasion of Ukraine, oil prices soared beyond $100 (£74) per barrel, reaching their highest level in more than seven years. As investors fretted about the conflict's potential consequences, global stock markets plummeted and gold prices climbed.

Russia is the world's second-largest crude oil exporter and the world's largest natural gas exporter. Oil prices exceeded $105 per barrel, and UK driving groups reported that gas costs had risen to a new high.

Although Russia contributes only 6% of the UK's crude oil and 5% of its gas, there are concerns that sanctions may restrict supplies and raise prices globally. On Thursday, the price of UK natural gas futures jumped about 40%. UK consumers are already paying a high price for energy and fuel, with demand surging following the easing of Covid restrictions.

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