The global market has started to feel heat as Russia invades Ukraine.
Recent data shows U.S oil prices have risen past $100 approximately Ksh 11,000 per barrel for the first time since 2004 following Russians invasion of Ukraine.
Various new sources reveal that the invasion has also affected European natural gas price which has risen by 40%.
A report filed by the streets states that sanctions on the sale of Russian crude oil are expected from the western leader following Putin’s decision.
The decision is likely to disrupt key natural gas pipelines critical to the regions energy mix.
It is also reported that the U.S could tap it’s strategic petroleum reserve should the prices spike following Russian attacks.
Currently America’s stock piles are at their lowest levels since 2002, this is after President Joe Biden move to release 50 million barrels in November 2021.
Globally, markets have dives and oil prices rose earlier today on Thursday, February 24, 2022 following Russia move.
According to Reuters report, Investors are worried that a major war in Europe could hurt the economic recovery from the COVID -19 health crisis and it’s disruptions to global energy supplies.