WTI Crude hits $98 per barrel over Ukraine invasion

WTI crude futures jumped more than 5% to around $98 per barrel on Thursday, after President Vladimir Putin announced that Russia would launch a military operation in Ukraine, with explosions being reported in Kyiv.

Putin claimed that Russia’s goal was not to occupy Ukraine, but merely to protect residents of eastern Ukraine from what he called a regime, and warned other countries that any attempt to interfere with the Russian action would lead to “consequences they have never seen,” according to a source.

Markets have been wary of escalating tensions in Eastern Europe for weeks now, amid fears that a major conflict could disrupt energy flows and provoke crippling sanctions.

Meanwhile, investors are also closely monitoring the Iran nuclear talks amid signs of progress, as a potential deal could add more than 1 million barrels a day of supply and help ease a tight global market.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity. (Trading Economics)