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Oil soars past $100 after Russia orders troops into Ukraine Oil soars past $100 after Russia orders troops into Ukraine
(about 3 hours later)
Oil prices have surged past $100 (£74) a barrel after Russian President Vladimir Putin launched a "special military operation" in the eastern Donbas region of Ukraine.Oil prices have surged past $100 (£74) a barrel after Russian President Vladimir Putin launched a "special military operation" in the eastern Donbas region of Ukraine.
These are the highest levels seen by the international benchmark Brent crude futures in more than seven years. The price of Brent crude hit $102.30 a barrel at one point, the highest level for more than seven years.
Prices jumped earlier this week before cooling amid economic sanctions and moves to block a Russian gas pipeline. Russia is the second biggest exporter of crude oil, and is also the world's largest natural gas exporter.
Russia is the second biggest exporter of crude oil after Saudi Arabia. The news also hit share prices, with Asian stock markets down sharply.
It is also the world's largest natural gas exporter. The Moscow Exchange suspended trading on Thursday shortly after the rouble plunged to its lowest since early 2016.
"We could see prices keeping the momentum," said Tina Teng, a markets analyst at CMC Markets. The price of gold - which is considered a haven asset in times of uncertainty - rose 2%.
"Investors are concerned about an even tighter supply, caused by the US sanctions on Russia to target the key supply source, the Nord Stream 2 gas pipeline," she told the BBC.
Nord Stream 2 is a 1,200km pipeline under the Baltic Sea, which will take gas from the Russian coast near St Petersburg to Lubmin in Germany.
The pipeline does not yet have an operating licence - and Germany has now put this on hold.
It took the step after Russia formally recognised two breakaway regions in eastern Ukraine, and sent troops there.
Russia launches military operation in UkraineRussia launches military operation in Ukraine
Petrol prices hit new high amid Ukraine tensions What sanctions are being imposed on Russia?
The US, UK and some of their allies have also imposed a series of sanctions on Russia in response to Mr Putin's actions against Ukraine. Tina Teng, an analyst at CMC Markets, said: "We could see [oil] prices keeping the momentum."
Most of the oil and gas that the UK imports does not come from Russia, but it would nonetheless be affected by a rise in global prices.
In response to Russia's military action, European Union leaders said they would put more sanctions in place on Russia.
The European Council said it would "impose massive and severe consequences on Russia for its actions".
The US and EU had already imposed a series of sanctions in response to Mr Putin's actions against Ukraine.
The UK has frozen the assets of five banks and three Russian billionaires, who have also been hit with travel bans.The UK has frozen the assets of five banks and three Russian billionaires, who have also been hit with travel bans.
On Tuesday, Boris Johnson said these sanctions were a "first barrage" and could be extended.On Tuesday, Boris Johnson said these sanctions were a "first barrage" and could be extended.
"The moves by Russia suggest economic sanctions are not having any significant impact in holding off aggression," said Yeap Jun Rong, a market strategist at IG. However, Yeap Jun Rong, a market strategist at IG, said: "The moves by Russia suggest economic sanctions are not having any significant impact in holding off aggression.
"With retaliation measures coming from Western powers soon, it seems that the situation may show no signs of easing," he added."With retaliation measures coming from Western powers soon, it seems that the situation may show no signs of easing," he added.
The US increased also increased pressure on Russia on Wednesday by imposing penalties on the Russian firm behind the Nord Stream 2 gas pipeline and its corporate officers.
Nord Stream 2 is a 1,200km pipeline under the Baltic Sea, which is designed to take gas from the Russian coast near St Petersburg to Lubmin in Germany.
On Tuesday, Germany froze final approval for the pipeline, which has been built but is not in operation.
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Watch: US announces full-blocking sanctions on RussiaWatch: US announces full-blocking sanctions on Russia