Brent crude prices rise above $110

Global oil prices rise above $110 per barrel, amid the rising tension between Russia and Ukraine.

Global oil prices rise above $110 per barrel, amid the rising tension between Russia and Ukraine.

ISTANBUL – Global oil prices rose above $110 per barrel on Friday amid the increasing tensions between Russia and Ukraine.

Earlier on Thursday, Ukraine announced that five militants from pro-Moscow groups, manning checkpoints outside the city, had been killed during the operations.

Brent crude oil prices reached 1.5 months high of $110.61 on Thursday and dropped to $110.34 by the end of the day. On Friday morning, prices were around $110.50 to $109.74. Prices are currently trading at around $109.93.

Analysts say the prices are pressured by concerns over scarcity of oil supplies because of increasing tensions between Russia and Ukraine.

Around 35 percent of EU's imports of crude oil come from Russia. A large portion of this oil comes via the Druzhba pipeline, which passes through Ukraine. A potential disruption in this would have consequences for Europe. 

Meanwhile, the price of U.S. Texas crude oil rose to $102.06 a barrel. It is currently traded at around $101.28 a barrel.

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