Russian military operation begins... Brent crude futures surpass $100 for the first time since 2014

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Bloomberg reported on the 23rd (local time) that Brent crude oil futures prices surpassed $100 (approximately 120,000 KRW) for the first time since 2014 after Russian President Vladimir Putin announced a special military operation in the Donbas region of eastern Ukraine.

According to the report, on that day, the April Brent crude futures price on the London ICE Futures Exchange surged 3.3%, exceeding $100 per barrel. The price soared immediately after President Putin's announcement. Oil prices have been rising recently amid increasing possibilities of a full-scale war between Ukraine and Russia.

Bloomberg stated, "Russia is a major country supplying energy worldwide, with Europe relying on Russia for one-quarter of its oil supply and one-third of its gas supply."

Earlier, JP Morgan forecasted that due to geopolitical risks stemming from the Ukraine crisis, oil prices would average $110 in the second quarter of this year. They expected prices to remain high in the third quarter before falling to the $90 range around the end of the year.

Following President Putin's official announcement, U.S. media outlets including CNN and NBC News reported hearing explosions in Kyiv, the capital of Ukraine.

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