This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.bbc.co.uk/news/business-60502451

The article has changed 18 times. There is an RSS feed of changes available.

Version 2 Version 3
Oil soars past $100 after Russia orders troops into Ukraine Oil soars past $100 after Russia orders troops into Ukraine
(about 1 hour 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 to hit their highest level for more than seven years after Russia launched an invasion of Ukraine.
The price of Brent crude hit $102.30 a barrel at one point, the highest level for more than seven years. Shares also fell sharply and the price of gold rose as investors worried about the possible impact of the conflict.
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, and is also the world's largest natural gas exporter.
Stock markets fell, with the UK's FTSE 100 index opening down more than 2.6%. The price of oil topped $103 a barrel, and the RAC warned that UK petrol prices were set to rise further.
Earlier, stocks in Asia and had fallen sharply, while the Moscow Exchange suspended trading shortly after the rouble plunged to its lowest since early 2016. The UK only gets 6% of its crude oil and 5% of its gas from Russia, but there are concerns sanctions could constrict supplies and drive up prices worldwide.
The price of gold - which is considered a haven asset in times of uncertainty - rose 2%. UK consumers are already paying a high price for energy and fuel, with demand surging following the easing of Covid restrictions.
Russia launches military operation in UkraineRussia launches military operation in Ukraine
What sanctions are being imposed on Russia?What sanctions are being imposed on Russia?
Tina Teng, an analyst at CMC Markets, said: "We could see [oil] prices keeping the momentum." RAC fuel spokesman Simon Williams said the increase in the price of oil "will inevitably lead to wholesale fuel prices going up which will in turn push record pump prices even higher".
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. If the oil price continues to rise to hit $110 a barrel "there's a very real danger the average price of petrol would hit £1.55 a litre", he said.
Sanctions moves If prices do get this high it will "cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would sky rocket the cost of a full tank to £85".
Average prices per litre for unleaded petrol hit a record high of 149.30p on Wednesday.
Sanctions move
Stock markets across Europe saw steep falls, with the UK's FTSE 100 index down 2.5% and Germany's Dax index falling 3.5%.
Earlier, stocks in Asia and had fallen sharply, while the Moscow Stock Exchange suspended trading shortly after the rouble plunged to its lowest since early 2016.
The price of gold - which is considered a haven asset in times of uncertainty - rose 2%.
In response to Russia's military action, European Union leaders said they would put more sanctions in place on Russia.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 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 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.
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. The US increased increased pressure on Russia on Wednesday by imposing penalties on the Russian firm behind the Nord Stream 2 gas pipeline and its corporate officers.
"With retaliation measures coming from Western powers soon, it seems that the situation may show no signs of easing," he added. Germany has already frozen final approval for the pipeline, which connects the country with Russia and was set to boost Russian gas exports to the EU.
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. Dmitry Medvedev, Russia's former president and now deputy chairman of its Security Council, on Tuesday said the move would hurt European consumers.
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. "Welcome to the brave new world where Europeans are very soon going to pay €2,000 for 1,000 cubic meters of natural gas!" he tweeted - suggesting prices were set to double.
On Tuesday, Germany froze final approval for the pipeline, which has been built but is not in operation.
You may also be interested in:You may also be interested in:
This video can not be playedThis video can not be played
To play this video you need to enable JavaScript in your browser.To play this video you need to enable JavaScript in your browser.
Watch: US announces full-blocking sanctions on RussiaWatch: US announces full-blocking sanctions on Russia