World oil prices rose to close to $100 a barrel after Russia, a major crude oil producer, sent troops to two separatist regions of Ukraine.
According to an AFP report, European stocks remained in a tailspin as the Kremlin said it had kept all diplomatic avenues open on the Ukraine issue, on which Western countries had blocked sanctions.
Brent North Sea crude hit $99.50 a barrel, a seven-year high.
However, at around 4:30 pm, according to Greenwich Mean Time, it fell back to $97 a barrel, which is still about 1.5 percent higher than at the end of Monday.
Victoria Scholar, head of investments at Interactive Investors, said: "The growing conflict between Russia and Ukraine has raised concerns about supply disruptions, which could lead to Russia weakening sanctions.
It should be noted that Russia is the second largest exporter of oil in the world and the largest producer of natural gas.
On the other hand, think market analyst Fawad Razzaqzada said that whatever happens next, one thing is clear, "energy prices are not likely to come back down sharply."
"Consumer revenues have already plummeted due to rising inflation. If oil and other energy prices continue to rise, it could hurt the economic recovery, and there are fears of a possible recession," he said. Can grow. '
Rising oil prices are raising concerns around the world about inflation.
The US Federal Reserve is under intense pressure to tighten monetary policy to prevent prices from spiraling out of control.
In this situation, the price of gold, considered an investment paradise, has exceeded $1900 per ounce.
