On Tuesday, concerns about decreased supply amid the intensifying Russia-Ukraine conflict drove global crude oil prices to $102 per barrel.
After failed negotiations to resolve the Russian-Ukrainian conflict, crude oil prices have risen. On Monday, Brent-indexed crude oil prices had surged by 5% to above $98 per barrel.
Russia is the world’s third-largest crude oil producer. Sanctions against Russia are expected to impede global growth by limiting global supplies.