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Oil prices jump as Russia launches attack on Ukraine

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Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.

David Paul Morris | Bloomberg | Getty Images

Oil prices popped 3% before easing on Thursday, after Russia announced it would launch a military action in Ukraine and reports surfaced of explosions in Kyiv.

Brent crude futures were up 2.75% at $99.50 per barrel. The international benchmark earlier touched $100 per barrel. U.S. crude futures jumped by 3.02% to trade at $94.88 per barrel.

Natural gas jumped 3.33%.

Spot gold, traditionally seen as a safe haven asset, rose 1.05% and last traded at $1,927.67.

Explosions were heard in Ukraine’s capital of Kyiv, NBC News reported.

The United Nations Security Council met in New York late Wednesday as representatives from member states pleaded with Putin not to attack Ukraine.

Putin warned other countries that there would be “consequences they have never seen,” if there’s an attempt to interfere with Russia’s action, Reuters reported.

This is breaking news. Please check back for updates.

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