Crude Oil Hits $100 as Russian Military Storms Ukraine

Global crude oil and gold prices climbed on February 24 after Russian President Vladimir Putin declares military action in Eastern Ukraine.

Oil prices soared past the $100 per barrel in Brent futures for the first time since 2014 as traders anticipated further sanctions against Russia.

Brent crude oil futures were up 3 percent at $99.72 per barrel in Asian trading at 9:20 am.

Global oil prices have jumped over 30 percent since November on a sharp increase in demand due to the reopening of global economies.

Global supply has failed to maintain the high demand leading to a tight market in crude oil that led analysts to predict $100 per barrel crude oil later this year.

Gold prices also rose sharply in early trade as investors sought safe haven assets amid an increase in risk aversion due to Russia's invasion of Ukraine.