Oil prices still rising following Russian attack on Ukraine

Oil prices have increased to over $100 per barrel, and global stock markets have fallen after reports of enhanced Russian military action against Ukraine.

The Russian decision has sparked concerns about major war in Europe.

The gold prices and Japanese yen are considered safe havens during global uncertainty have also increased on February 24th.

The prices of crude oil have reached levels not seen since September 2014, following fears that there may be disruptions of supplies if Western sanctions affect Russian oil exports.

Stock markets in Hong Kong, Sydney, Mumbai, and Seoul have dropped by more than 3 percent.

Markets in Tokyo, Singapore, Taipey, and Wallingon have dropped by more than 2 percent, and large losses have also been reported in Shanghai, Manila, Jakarta, and Bangkok.

Stock markets have also declined in Europe and the United States.

Authorities in Russia have suspended all exchanges in Moscow.

Russian Rubla has been estimated for 9 percent Thursday, prompting Russia's central bank to intervene to stabilise the market.

Ukraine's Foreign Minister, Dmytro Kuleba, has said on Thursday that Russia has begun his country's invasion.

In a Twitter post, Kuleba wrote that Russian President Vladimir Putin has launched the “invasion of Ukraine full-scale”.

The peaceful cities of Ukraine are under attack. It's a war of aggression”, Kuleba said.

Ukraine's president, Voldymyr Zelensky, has said Russia has carried out missile attacks on Ukraine's infrastructure and on border guards.

Through a Twitter post, he has said he has talked with Western allies and has called on them to help Ukraine with protection and finance.

The Russian president has confirmed that he is launching, as he has said, a <x0-4> ” operation for “demilitarisation” in Ukraine.

US President Joe Biden has condemned the operation, calling it an unpronounced and untested “attack on Ukraine and adding that the world “will hold Russia accountable”.

Prior to the attack in Ukraine, Russian President Vladimir Putin has said this week he recognises the independence of two separatist regions in Ukraine as independent states.

This verdict has been condemned by the West. / REL