Oil prices broke through a seven-year high level amidst tensions that Moscow could invade Ukraine and lead to the triggering of sanctions against Russia, the world’s third-largest producer of oil.
As of UTC 12:18, April Brent Oil futures were trading at around the $94 per barrel level. The last time oil hit those levels was in September 2014. Prices had dropped below $20 per barrel in April 2020, after which it multiplied over 3.5 times in less than two years. Since December 2021, the price of oil has been on a continuous upsurge.
