On the impact of the war, the prices of oil, gold and aluminum reach record levels

Oil and gold prices witnessed a record high that they had not seen in years, after Russian President Vladimir Putin announced a military operation in eastern Ukraine.

Oil, gold and aluminum prices hit a record high Thursday, following the Russian attack on Ukraine.

The price of a barrel of oil crossed the $100 threshold for the first time in more than seven years, after Russian President Vladimir Putin announced a "military operation" in Ukraine.

The price of a barrel of Brent recorded $ 100.04, with growing concerns about a large-scale war in Eastern Europe, the first time that it reached this price since 2014, when prices increased by 2.67 percent, at a value of $2.59 a barrel.

And earlier on Thursday, gold spot prices rose in early trading, reaching their highest price since August 2020, after Putin announced the attack.

And by 03:21 GMT, spot gold prices rose by 1.07 percent to $ 1928.6 an ounce (an ounce).

Gold is one of the assets that hedged against inflation spikes, geopolitical risks, times of economic crisis and wars.

Meanwhile, the price of aluminum reached a record level after Russia, its main producer, attacked Ukraine.

The price of this industrial metal rose to 3382.50 dollars per ton, exceeding the previous record level of 3380.15 dollars, which was set in 2008 during the global financial crisis.

Russia is a major producer of crude oil, as it is the second largest producer after the United States with a daily average of 10.2 million barrels, and the largest exporter of natural gas to Europe.

In a related context, officials in the administration of US President Joe Biden said that the administration is not expected to impose sanctions on the crude oil and refined fuel sector in Russia, due to concerns about inflation and the damage that it could inflict on its European allies, global oil markets and American consumers, according to Reuters.

The United States is betting that allowing oil to continue flowing from Russia, even if Putin invades Ukraine in a full-fledged manner, will help limit the rise in global prices and protect American consumers from rising gasoline prices.

Follow our latest local and sports news and the latest political and economic developments via Google news