Oil price Hits $100 per barrel on Ukraine crisis

At last, the price of crude oil (Brent) has hit the roof at $100 per barrel in the international market, due mainly to the ongoing Ukraine crisis.

The price of oil had been predicted to rise to $100 per barrel because of a sustainable increase in demand after the Coronavirus pandemic lockdown, but it did not.

However, a few minutes ago, the price of Brent, usually utilised to benchmark other prices, rose to $103.33 per barrel, from $96 per barrel, in the global market.

Nevertheless, there were indications that the prices of other crudes, including Nigeria’s Bonny Light, currently hovering at $96.60 per barrel, will continue to rise.