Oil prices recorded a jump in the global market, crossing the threshold of $100 a barrel on Thursday, for the first time in 7 years, after Russia announced the launch of a military operation in Ukraine. The price of West Texas Intermediate crude, the benchmark for US oil, rose on Thursday morning by nearly 5% to $96.70 a barrel for delivery next April. While the price of Brent crude rose by 5.14% to reach $101.13 a barrel for next April delivery. It continued to rise to exceed $103 per barrel during today’s trading. Russia is a major producer of crude oil, as it is the second largest producer after the United States, with a daily average of 10.2 million barrels.

Source: Libya Today February 24, 2022 12:55 UTC