Price of a barrel of oil exceeds US $ 100 for Russian “military operation” in Ukraine

Oil prices topped $100 for the first time in more than seven years on Thursday, after Russian President Vladimir Putin announced a “military operation” in Ukraine.

A barrel of Brent crude reached $100.04 after the announcement, which intensified fears of a full-scale conflict in eastern Europe.

Russian President Vladimir Putin announced Thursday a military operation in Ukraine to defend separatists in the east of that country.

“I have made the decision for a military operation,” Putin declared in an unexpected television message shortly before 03:00 GMT, denouncing an alleged “genocide” orchestrated by Ukraine in the east of the country.

The Russian leader, who justified his action by asking for help from pro-Russian separatists and by NATO’s aggressive policy towards Moscow, also called on the Ukrainian military to “lay down their arms.” Putin assured that he does not want the “occupation” of Ukraine, but its “demilitarization”.

The Russian president also warned that those who “try to interfere with us (…), must know that Russia’s response will be immediate and will lead to consequences that they have never known.”