Ukraine crisis causes oil price hike

Brent crude prices rise due to increasing tension between Russia and West over Crimea

Brent crude prices rise due to increasing tension between Russia and West over Crimea

ISTANBUL - Brent crude oil prices increased due to the rising tensions over Crimea.

Brent crude oil prices started Thursday at US$106.90 and rose to US$107.63 by the end of the day after the U.S. President Barack Obama’s statements.

Currently, it is trading at around US$108.05 a barrel; the price of U.S. West Texas crude oil rose to US$101.7 a barrel and closed at US$101.37 a barrel on Thursday. It is currently trading around US$101.78 a barrel.

Analysts say brent crude oil prices could rise further.

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