Brent crude oil prices soar past $100 as Russia invades Ukraine

Brent crude oil price

Brent crude reached highs of $102.48 on Thursday, rising by more than five per cent, reports the Independant. 

How much oil comes from Russia?

Russia is the world’s second-largest oil producer and is a major supplier to Europe and the largest supplier of natural gas.

Why Russia and Ukraine crisis could see UK oil and gas prices rise

Last week, Foreign Secretary Liz Truss warned Russian's invasion of Ukraine would come at a high economic cost. (PA)

Last week, Foreign Secretary Liz Truss warned Russian's invasion of Ukraine would come at a high economic cost. 

She told BBC Breakfast: “First of all, if we did see a war in Ukraine, that would have a very damaging impact on oil and gas prices across Europe. This is why we need to reduce dependence on Russian gas, find alternative sources."

She added: “In fact, in the United Kingdom only 3% of our gas is from Russia, which is different from continental Europe.

“What we’ve done in the UK is we’ve frozen petrol duty for a number of years, saving people £15 on their filling-up of petrol. And we’re working to support families with the cost of living but, of course, a war in Ukraine would do further damage to the European gas market.”

What is Nord Stream 2 pipeline?

The Nord Stream Pipeline can carry enough natural gas from Russia to supply 26 million households in Europe.

It was thought the pipeline could be pivotal in solving gas shortages and rising energy prices on the continent.

However, the US has consistently said it will bring and end to the pipeline if Russia invades Ukraine.

The Nord Stream pipeline and Nord Stream 2 is is yet to begin operations.

The pipelines have been a source of tension among western allies drawing up sanctions against Russia should they invade Ukraine.