Oil prices surge above $100 a barrel as war on Ukraine rages
India Today
As Russia stepped up its war on Ukraine, US benchmark crude oil prices rose 6.6 per cent to USD 101.87 per barrel, reaching the highest price since 2014.
Oil prices soared on Tuesday and investors shifted more money into ultra-safe US government bonds as Russia stepped up its war on Ukraine.
Stocks fell following a volatile day for major indexes as investors tried to measure how the conflict will impact the global economy. The S&P 500 index fell 0.7 per cent as of 10:14 am Eastern.
The Dow Jones Industrial Average fell 337 points, or 1 per cent, to 33,554 and the Nasdaq fell 0.5 per cent.
The bigger moves came from the markets for oil, agricultural commodities and government bonds.
Oil has been a key concern because Russia is one of the world's largest energy producers.
Read | Russia-Ukraine conflict: Edible oil prices go up, people queue up to buy petrol in Punjab
The latest bump in prices increases pressure on persistently high inflation that threatens households around the world.
