Oil prices recorded a significant increase in early trading today, Thursday, to break the barrier of 100 dollars a barrel, against the backdrop of the start of the Russian military operation against Ukrainian lands.
The price of West Texas Intermediate crude, the benchmark for US oil, rose this morning by nearly 5% to $96.70 a barrel for delivery next April, while the price of Brent crude rose by 5.14% to $101.13 a barrel for delivery next April, according to Bloomberg News Agency. .
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.
Russian President Vladimir Putin announced Thursday morning "special military action" in eastern Ukraine.
The RIA Novosti news agency quoted him as saying that the goal was to "disarm" Ukraine, not the occupation.
gold rebounds
In the metals markets, the prices of spot gold contracts rose in early trading today, Thursday, to the peak of a year and a half, after the Russian President announced that his country’s army had carried out a military operation in eastern Ukraine.
And the price of spot gold contracts today increased by 1.54% to $ 1938.34 an ounce in US trading.
In Europe, the price rose by 2.2% to 1724.9 euros an ounce.
The price of gold on the Comex Stock Exchange rose by more than 1.5 percent to 1939.30 dollars an ounce for delivery next April.
The price on the Tokyo Commodity Exchange also rose 1.41% to 7173 yen per gram for delivery next April.
Gold is an asset that is hedge against inflation spikes, geopolitical risks and times of economic crisis and war.
Suspension of exchanges on the Moscow Stock Exchange
On Thursday, the Moscow Stock Exchange announced the suspension of exchanges against the backdrop of the military operation launched by Russia against Ukraine.
"Exchanges in all markets have been suspended. The resumption of trading will be announced at a later time," the Moscow Stock Exchange said in a statement.
On the other hand, the Hong Kong Stock Exchange fell today at midday, with the Hang Seng Index losing 3.11 percent of its value after the announcement of a Russian military operation in Ukraine.
Warnings
At the same time, the European Aviation Safety Agency warned airlines today, Thursday, against the danger of flying over Ukraine and to exercise "the utmost caution" when flying in nearby airspace within 100 nautical miles (185 km) from the borders of Belarus, Ukraine and the borders of Russia and Ukraine.
Russia also announced, today, Thursday, the closure of its airspace to civil aircraft on its western borders, bordering Ukraine and Belarus.