Price of oil jumps after Russian attack

 CNBC:

Oil prices on Thursday jumped following Russia’s invasion of Ukraine, with international benchmark Brent crude surpassing $100 a barrel for the first time since 2014.

The attack is expected to have far-reaching implications for energy markets given Russia’s role as the world’s second-largest producer of natural gas and one of the world’s largest oil-producing nations.

Oil prices have jumped more than $20 a barrel since the start of the year amid escalating Russia-Ukraine tensions. Now, it is feared a wave of international sanctions on Russia’s energy sector could disrupt supplies.

Brent crude futures rose more than 8.1% to trade at $104.69 a barrel during afternoon trade in London.

U.S. West Texas Intermediate futures, meanwhile, climbed over 7.7% to trade at $99.15. WTI had traded above $100 a barrel for the first time since 2014 earlier in the session before paring gains.

Natural gas prices popped 6.5%. Spot gold, traditionally seen as a safe-haven asset, climbed 2.6%, last trading at $1,957.46 per troy ounce.
...

Biden's war against climate change has financed Russian war efforts in Ukraine.   By reducing the supply of US oil and gas, Biden drove up the international price which helped Russia finance its aggression against Ukraine.  Biden's Afghan bug-out also contributed to Russia calling his bluff.  Biden has been exposed as all hat and no cattle in his war of words with Putin.  

If Biden were smart, and there is no evidence that he is, he would stop blocking US production of oil and gas and return to the Trump energy policy which helped to contain Russia's ambitions.

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