Oil prices jumped up Thursday morning after Russia ordered a full-scale invasion of Ukraine. The international benchmark, Brent crude oil, surged to around $105 per barrel, reports CNBC, the first time it climbed that high since 2014.
The 8 percent surge also came as European natural gas futures soared 40 percent, writes The New York Times, and as global markets sank amid the turmoil. Russia "provides more than a third of the European Union's gas," writes the Times, "with some of it running through pipelines in Ukraine." Russia's markets collapsed, with the ruble falling to a record low against the dollar. Russia is seemingly seeking to partner with Pakistan on a new gas pipeline.
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