Global Oil Prices Reach $100 a Barrel, First Since 2014

Rabat – Global oil prices reached $100 per barrel with British Brent Crude at $105.02 per barrel and West Texas Intermediate (WTI) Crude at $99.79 per barrel on Thursday, February 24 at 11:56 AM. The last time the oil market recorded such a surge was in August 2014.

Brent Crude and WTI Crude recorded an 8.45% and 8.35% increase in barrel prices. Since the start of 2022, oil prices have increased by over $20 per barrel.

The ongoing surge in oil prices results from the current escalation at the Russia-Ukraine borders.

As the world’s second-largest oil producer, Russia mainly sells oil crude to European refineries in addition to natural gas, making it the largest provider of natural gas to Europe– 35% of natural gas supply.

Commenting on the rising oil prices, Warren Patterson, head of ING’s commodity research told Reuters, “this growing uncertainty during a time when the oil market is already tight does leave it vulnerable, and so prices are likely to remain volatile and elevated.”

In addition to oil, Bitcoin fell to $35,000 and gold recorded the highest price in over a year (€1765/oz), reported the Spectator Index.

Earlier today, Vladimir Putin announced a “special military operation” against Ukraine, arguing that Ukraine needs “demilitarization.” International leaders condemned the act calling Russian troops and Putin to stop the operation. China reported that it is keeping a close eye on Russia.

UN Secretary-General stated in a press conference and a tweet, “Under the present circumstances, I must change my appeal: President Putin, in the name of humanity, bring your troops back to Russia. This conflict must stop now.”

With Russian troops in Ukraine, there are raising concerns about the region’s future region and global distress regarding rising oil and natural gas prices.

In Morocco, the Association of Transport and Logistics (AMTL) called on February 15 for a 20% increase in transport fees due to “offset the rise in the price of diesel.”

With rising oil prices, the transportation fees will increase, leading to a significant surge in food prices.