Brent crude breaches $105/bbl for the first time since 2014

Oil

The front month contract price for Brent crude oil surpassed $105/bbl earlier today, the first time that this value has been breached since 2014, according to Reuters. Oil prices have surged after Russian forces launched a widespread attack on Ukraine, worsening concerns around the potential for global energy supplies to be disrupted. Reports have also emerged that at least three major buyers of Russian oil have been unable to secure guarantees from Western banks to cover oil purchases due to the ongoing market uncertainty surrounding the situation.