Oil price, on Thursday, rose to $102 a barrel, for the first time since September 2014, with escalating tensions between Russia and Ukraine.
The global oil benchmark, Brent crude, rose over 5 percent to trade at $102.27 a barrel.
West Texas Intermediate witnessed a corresponding increase of over 5 percent at $97.06 a barrel.
The development is coming after Vladimir Putin, president of Russia, ordered a special military operation in Ukraine’s Donbas region.
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Explosions were reported in Kjiv, Ukraine’s capital, on Thursday morning.
According to ABC News, Putin announced on television that Russia would not tolerate the threats from Ukraine.
Ukraine’s interior ministry said Russia started attacks on the country.
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The US and its European allies had tried for weeks to repel the attack through diplomatic talks.
President Joe Biden had said that he would meet with world leaders to impose “severe sanctions” following the Russian attack.
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