New York/London (CNN Business)Oil prices have surged above $100 per barrel after Russian President Vladimir Putin launched a military operation in Ukraine.Brent crude, the global benchmark, added more than 6% to trade at $102.80 per barrel by 3:20 a.m. ET on Thursday. Brent last traded above $100 per barrel in 2014. US oil prices increased 6% to $97.30 per barrel.Global oil supplies are very tight. Analysts have warned that any disruptions to exports from Russia, the world’s No. 2 oil producer, would drive prices even higher.
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