Russian invasion of Ukraine fuels near-40% rise in gas price and oil to over $11o per barrel as European stock markets tumble
Prices of oil futures continued to increase on Wednesday and added 7% as the situation in Ukraine escalated, further inciting supply worries. Ukrainian president estimated that 6,000 Russian soldiers were killed since the hostilities started. Russia’s Defense Ministry claimed that it has assumed control over the city of Kherson. Brent for May deliveries rose 7.13% to $112.45 per barrel at 2:59 am ET after briefly touching the $113 mark a minute earlier. West Texas Intermediate for settlements in April jumped 7.23%, selling for $110.89 a barrel, with $111.49 being the highest price for the contract earlier today. Both benchmarks were at their 7-year highest.