The price of European oil surpasses 100 USD per barrel for the first time since 2014 on Saturday. This comes in the wake of Russia deploying troops in Ukraine, which has deepened geopolitical uncertainty.

A barrel of European reference oil Brent costs USD 101.27 Thursday morning against USD 97.96 Wednesday afternoon. Concurrently, a barrel of WTI oil trades at USD 96.01 against USD 93.03 Wednesday afternoon.

"Russia's announcement of a special military operation into Ukraine has pushed Brent to the USD 100 mark per barrel. This growing uncertainty during a time when the oil market is already tight does leave it vulnerable, and so prices are likely to remain volatile and elevated," says head of ING's commodity research Warren Patterson to Reuters.

Western nations and Japan have introduced new sanctions against Russia. However, there are no sanctions on energy trade as yet. Japan, Australia and other members of the International Energy Agency are prepared to tap oil reserves in the event that global supplies are affected.

According to market sources, US crude stockpiles rose by 6 million last week, while distillate inventories went down by 985,000 barrels, writes Reuters.

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