AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

LONDON: Benchmark oil contract Brent North Sea on Thursday topped $100 per barrel for the first time in more than seven years, this time on supply fears after major producer Russia attacked Ukraine.

Brent surged as high as $100.29 -- a level last seen in 2014.

That capped a meteoric rise over almost two years since crude fell into negative territory for the first time.

In early 2020, oil briefly turned negative following the onset of the coronavirus pandemic that shut offices and factories -- and grounded planes worldwide.

Oil prices rocketed last year to around $70 per barrel as economies reopened from lockdowns, sparking a surge in demand for crude.

Timeline: Russia's stand-off with Ukraine

Brent's record high stands at $147.50 per barrel.

Here is a timeline of when oil had previously topped $100.

2012: Iran crude embargo

Oil started the year above $100 after Western powers imposed a raft of economic sanctions on Iran, including crude exports, aimed at halting its controversial nuclear programme.

2011: Arab Spring

Brent soared to $127 in March 2011 following unrest in the oil-producing Middle East and North Africa region.

The market rebounded after the so-called Arab Spring uprisings toppled the long-standing leaders of Tunisia, Egypt and Yemen, while unrest also rocked other parts of the region, especially crude producer Libya.

2008: Record-high $147

On July 11, 2008, Brent hit a record high of $147.50 per barrel, having breached $100 at the start of the year for the first time.

Ukraine says 50 Russian troops killed, four tanks destroyed

Crude surged thanks to falling stockpiles in the United States, strong Chinese demand and unrest in key OPEC members Iran and Nigeria.

A weaker dollar also lent strong support, making crude, priced in the currency, cheaper for buyers holding other currencies.

But by December 2008, Brent had tanked to sit at around $36 owing to severe economic recession worldwide in the wake of the global financial crisis.

Comments

Comments are closed.