The prices of crude oil hit a record high nearing $100 a barrel, as the tensions between Russia and Ukraine escalated, Reuters reported. Brent crude surged 3.56 per cent to $98.79 per barrel. It has earlier reached $99.50 in September 2014, according to the report.
On Monday, Russia ordered troops in two independent regions in Eastern Ukraine. Following this, the USA and European Union are likely to announce sanctions against Russia on Tuesday.
In India, the shares of oil companies—ONGC and Oil India Limited jumped as much as 2 per cent to hit an intraday high of Rs 166.50 and Rs 224 respectively.
In domestic markets, crude oil future contracts on MCX for delivery on March 21, 2022, jumped as much as 1.92 per cent to hit Rs 7,000 a barrel, Rs 44 lower than its all-time high of Rs 1044, data from MCX showed.
Meanwhile, following a surge in crude oil prices, the shares of fertiliser companies fall by 2 to 5 per cent, whereas the shares of Bharat Petroleum fell by 3 per cent, Indian Oil by 2.42 per cent, and HPCL declined 1 per cent, respectively.
