Brent exceeded $101 on the news about the military operation in Ukraine

On Thursday morning, the price of benchmark oil is steadily rising amid the escalation of the military situation in eastern Ukraine. 

In particular, April Brent futures rose today to $101.27 per barrel, updating the highs since September 2014. Futures for North American WTI crude oil rose to the level of $96.84 per barrel.

Today it became known that Russian President Vladimir Putin announced the decision to conduct a special military operation in connection with the situation in Donbass in order to protect the residents of the DPR and LPR. President of Ukraine Volodymyr Zelensky, in turn, announced the introduction of martial law throughout the country.

Experts note that the military conflict significantly increases the risks of interruptions in Russian oil supplies and the introduction of diverse sanctions. At the same time, the US authorities announced that they are considering the option of re-selling oil from the country's strategic reserves (SPR) if prices for these energy resources rise sharply «as a result of Russian aggression.»

At the end of 2021, the United States already resorted to selling oil from the SPR (about 70 million barrels). This was done in coordination with other major players in the market.