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Brent crude breaks the 100 barrier and jumps to 106 dollars a barrel

Brent crude futures jumped $ 7, and the price of a barrel of this crude reached $ 105.64, to touch the benchmark crude, the highest level in 7 years, at $ 105.79, after the start of the military campaign, which is entering its sixth day.

US oil futures jumped more than 8 dollars, exceeding 104 dollars a barrel, and US gasoline prices jumped more than 5%.

These jumps came after it was said that the West Texas Intermediate crude futures contract, for April delivery, increased by $2.56, or 2.67 percent, to $98.28.

And US crude contracts touched a high level of $99.10 a barrel the previous day, and recorded, upon settlement, a rise of more than 4 percent.

Russia’s isolation was exacerbated by the announcement on Tuesday by Maersk, the world’s largest shipping company, that it would halt container shipping to and from Russia.

“The fragile situation in Ukraine, financial and energy sanctions against Russia will keep the energy crisis festering and oil will rise well above $100 a barrel in the near term, and even more if the conflict escalates further,” Louise Dixon, senior oil market analyst at Rystad Energy wrote in a note.

Major oil and gas companies, such as BP and Shell, have announced plans to exit Russian operations and joint ventures.

Buyers of Russian oil are struggling with payments and availability of ships with sanctions in place.

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