Oil prices rose on Thursday by more than 8%, with Russian President Vladimir Putin announcing the decision to launch a military operation in Donbass, Ukraine.
He added that the circumstances require decisive action from Russia, while Reuters quoted witnesses as saying that they heard explosions in the Ukrainian capital, Kyiv.
Brent crude futures for April delivery rose 8.5% to 105.3 a barrel for the first time since 2014, while US NYMEX crude futures for April delivery rose 8% to reach $100.1 a barrel.
A Russian news agency quoted Putin as saying that the confrontations between Russian and Ukrainian forces were only a matter of time.
The Russian president added: “Russia cannot accept threats from Ukraine,” calling on Ukraine to “lay down arms,” stressing that NATO’s further expansion and use of Ukraine’s territory is unacceptable.
Putin indicated that his country does not plan to occupy Ukraine, warning that “in the event of foreign intervention, we will respond immediately.”
He warned that “the authorities of Ukraine will bear the responsibility for any bloodshed,” saying, “Any attempt at foreign interference in Russia’s work will lead to results they did not see.”
He added, “Our actions are self-defense against threats greater than the problems we are currently experiencing.”