Oil prices rise above US$100 per barrel after Russia invades Ukraine

Motorists around the world may soon face even higher gasoline prices as a result of Vladimir Putin's attack on Ukraine.

Brent crude oil has spiked upward by 7.63 percent (as of this writing) to reach US$104.23 in the wake of the Russian invasion.

West Texas Intermediate crude is up 7.46 percent to US$98.97.

Retail prices in Vancouver were in the $1.77 per litre range for regular gasoline prior to Putin's war of aggression on his neighbour.

GasWizard.ca is predicting that gas prices will rise to $1.81.9 for regular and $1.959 per litre for premium by Friday (February 25).

https://twitter.com/GasPriceWizard/status/1496835791049269250

One of the big winners with higher oil prices is usually Russia, which is a major oil producer. However, it remains to be seen whether western sanctions will take a bite out of its oil-export income.

The Russian Federal Customs Service reported last November that from January to September of last year, oil export revenue was up 41 percent over the same period of 2020, reaching US$77.9 billion.

Higher oil prices have long been associated with a higher Canadian dollar. However, war might upend that equation if there's a flight of capital to the U.S. in the wake of international uncertainty.

European stock prices fell by about four percent in the first day of trading following Russia's decision to launch what Putin has called "a special military operation".