Oil Tops $105 a Barrel After Russian Attack on Ukraine

Oil prices rose on Thursday, with Brent crude exceeding $105 a barrel for the first time since 2014 after a Russian attack on Ukraine raised fears of a war in Europe that could disrupt global energy supplies.

Brent crude prices rose $8.24, or 8.5 percent, to $105.08 a barrel by 1045 GMT.

West Texas Intermediate crude prices rose $7.78, or 8.5 percent, to $99.88 a barrel.

The two benchmarks hit their highest levels since August and July 2014, respectively.

Russia is the largest supplier of natural gas to Europe and provides about 35 percent of European gas supplies.

The United States and Iran are holding indirect talks in Vienna regarding Iran’s nuclear program that may lead to the lifting of sanctions on Iranian oil sales.

Analysts warn of inflationary pressures on the global economy as a result of oil reaching $100 a barrel, especially in Asia, which imports most of its energy needs.