International oil prices rose during trading on Thursday, coinciding with Russian President Vladimir Putin's announcement of the start of a military operation in Ukraine to support separatists loyal to his country.
The rise of oil comes with increasing fears of the repercussions of the geopolitical situation and the entry of war in a large scale in Ukraine, which will have a significant impact on energy exports in the region.
Russia is a major energy supplier in the world, as Europe depends on Moscow for about a quarter of its oil supplies and a third of its natural gas imports.
The military escalation in Ukraine coincides with a global failure in terms of the oil supply to meet the levels of demand, which continues to rise in conjunction with the recovery of the global economy from the Corona pandemic.
On the other hand, data from the American Petroleum Institute revealed that crude oil inventories in the United States rose by about 6 million barrels for the week ending on February 18, while the Energy Information Administration will issue Official US inventory data later today.
In terms of today's trading, Brent crude futures for April delivery jumped by 5.59%, or the equivalent of $5.14, to reach $102.25 a barrel.
Today, US NYMEX crude contracts for April delivery also rose by 5.3%, or the equivalent of $4.88, to reach $96.98 a barrel.
