Early Thursday morning, oil soared to $105 a barrel for the first time since 2014, after Russia attacked spots across Ukraine.
Brent was up about 7% on Thursday morning, after surging as much as 9.2% to $105.79 a barrel after President Vladimir Putin ordered Russian troops into Ukraine.
US benchmark West Texas Intermediate also briefly topped $100 a barrel before easing off of gains.
As of Thursday, February 24 at 9:20 am, WTI Crude was sitting at $97 a barrel, while Brent Crude sat at $103 a barrel. Canadian Crude Index sat at just under $80, according to Oil Price.com.
As Russia is one of the world’s largest oil producers, the current conflict is sparking concern in world markets regarding the supply of oil from the country.
According to the 2021 BP Statistical Review of World Energy, in 2020 Russia produced 10.1 million barrels per day (BPD) of crude oil and natural gas condensate.
Prime Minister Justin Trudeau has joined world leaders in condemning the invasion, calling the attack “unprovoked” and a violation of Ukraine’s sovereignty.
OPEC+ will meet on March 2 to decide on output for April, as demand for oil has outpaced supply over the past few months as the COVID-19 pandemic wanes.