Crude oil (Brent) price has risen to $100 per barrel while Nigeria’s Bonny Light hovers around $96.93 per barrel on Thursday just as Russia attacked Ukraine in a predicted war.
Brent hit the roof at $100 per barrel in the international market mainly to the ongoing crisis in Ukraine after Russia attacked its Eastern European neighbour.
Oil price had been expected to rise to $100 per barrel owing to the crisis predicated by the Coronavirus pandemic lockdown but managed to remain stable.
However, a few minutes ago, the price of Brent, usually utilised to benchmark other prices, rose to $103.33 per barrel, from $96 per barrel, in the global market.
It is also expected that the prices of other crudes, including Nigeria’s Bonny Light, will rise further.
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Ukraine’s military says about 50 Russian forces have been killed and six warplanes destroyed amid fighting in the country’s east.
More details to follow…