“The international oil benchmark rose 2.6 per cent to $97.84, as traders calculated the possibility of disrupted supply from Russia after Putin directed his military to enter Ukraine’s rebel-held Donetsk and Luhansk regions,” Financial Times stated.
“The price of Brent crude, the international benchmark, neared the $100-a-barrel mark on Tuesday before easing off to about $97 a barrel, a 2 percent increase. West Texas Intermediate was trading at nearly $94.00 a barrel, up about 3 percent,” The New York Times reported.
The last time crude oil prices reached such a higher level was in 2008, when the price of a barrel of oil reached $147 and gasoline soared to $4.09 a gallon.
