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Following Russia's invasion of Ukraine, oil prices surged on Thursday, with Brent crude surpassing $100 a barrel for the first time since 2014. However, prices retreated after President Joe Biden stated that there were no immediate plans for energy sector sanctions against Russia. The attack has significant implications for energy markets due to Russia's position as the world's second-largest natural gas producer and one of the largest oil-producing nations. Concerns over potential international sanctions disrupting supplies have contributed to the increase in oil prices.
Tuesday, 22 February, 2022