Oil soars past $100 after Russia orders troops into Ukraine

Image source, Getty Images

Oil prices have surged past $100 a barrel after Russian President Vladimir Putin launched a military operation in the eastern region of Ukraine.

The highest levels seen by the international benchmark crude futures in seven years.

The prices went up earlier this week, before cooling off due to economic sanctions and moves to block a Russian gas line.

Saudi Arabia is the biggest exporter of crude oil.

It is the largest natural gas exporter in the world.

Tina Teng is a markets analyst at CMC Markets.

She said that investors were concerned about an even tighter supply due to the US sanctions on Russia.

The Baltic Sea will be the location of the 1,200 km Nord Stream 2 gas line.

Germany has put on hold the operating licence for the pipeline.

It took the step after Russia sent troops to eastern Ukraine.

The US, UK and some of their allies have imposed sanctions on Russia in response to Mr Putin's actions.

The assets of five banks and three Russian billionaires have been frozen by the UK.

Boris Johnson said on Tuesday that these sanctions could be extended.

The moves by Russia suggest economic sanctions are not having an impact on holding off aggression.

He said that the situation may show no signs of easing because of the retaliation measures coming from Western powers.