Boris Johnson says Russia has chosen ‘path of destruction’ after Putin launches ‘military operation’ in Ukraine
The price of oil has jumped to a seven-year high to nearly $105 (£78) following Russia’s invasion of Ukraine.
Brent crude is 6.6 per cent higher at $103.21 a barrel, the highest since August 2014, while US light crude has jumped 6.2 per cent to $97.75 a barrel.
Gas prices are also on the rise, up by 40 per cent, amid fears that the conflict will disrupt global supply chains.
Wall Street fell sharply at the opening on Thursday following the Russian invasion of Ukraine.
The Dow Jones Industrial Average plunged more than 800 points or approximately 2.5 per cent.
Panicked investors fled for the safety of fixed income assets as markets reacted to the worst case geopolitical scenario on the back of the impact of sky-high inflation.
In London, the FTSE 100 index plunged more than 200 points, or 2.7 per cent, upon opening on Thursday in reaction to Russia’s invasion of Ukraine, which US President Joe Biden described as “unprovoked and unjustified”.
