Oil Surges Above $100 After Putin Orders Military Action Against Ukraine

An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co., in the Irkutsk region, Russia, on March 11, 2019. Vasily Fedosenko/Reuters

Oil prices surged above the $100 per barrel mark on Wednesday after Russian President Vladimir Putin announced the launch of military action against Ukraine.

U.S. crude futures were up by 5.46 percent and trading at $97.56 per barrel as of 10:27 a.m. GMT, while Brent crude futures were up 6.47 percent at $103.32, the first time they have been over the $100 mark since 2014.