The price of oil has risen past $100, for the first time since July 2014, at the international market.
Brent crude price jumped 7.3 per cent to $103.9 a barrel on Thursday following Russia’s full-scale military assault on Ukraine.
Analysts project the price of oil to rise as high as $150 per barrel should the military campaign in Ukraine goes unresolved.
Russian President Vladimir Putin ordered a military action against Ukraine to defend Russia from what he called threats emanating from Ukraine.
Russia had, on Monday, recognised two separatists regions of Donetsk and Luhansk as an independent state and moved in troops that Putin called peacekeepers.
Putin has massed over 150,000 along Russian border with Ukraine and troops had landed in the southern port cities of Odesa and Mariupol.