Oil prices surge to above $100 amid Russia-Ukraine war

Oil prices surge to above $100 amid Russia-Ukraine war

Washington: Amid intensified Russia-Ukraine war that entered the twenty-second day on Thursday, oil prices spiked back above $100 affecting energy supplies. The concerns are growing over the potential length of war affecting energy supplies as the war in Ukraine is disrupting Russia's energy supplies, reported CNN. After sinking below USD 94 a barrel earlier this week, US crude soared 8 per cent to USD 102. 65 a barrel in recent trading. Brent crude spiked 9 per cent to USD 107 a barrel. The swift rebound in oil prices will be watched closely by leaders in Washington and Wall Street because high energy prices threaten to exacerbate inflation and slow down the economy, reported CNN. Energy traders blamed Thursday's spike on growing pessimism about a resolution between Russia and Ukraine being reached in the near term. "The mood has darkened a little bit," said Robert Yawger, vice president of energy futures at Mizuho Securities. "It sounds like this is going to be a dragged-out situation." The recent drop in oil prices was driven in part by hopes for a potential ceasefire. The longer the war goes on, the bigger the threat to Russia's oil flows, reported CNN. "Given Putin's actions in