Global crude oil and gold prices jumped on February 24 after Russian President Vladimir Putin announced military action in East Ukraine but iterated that he did not plan to occupy Ukraine.
Russian actions came a few days after the country recognized the independence of two separatist areas in Ukraine Easter after a speech with Putin.
Oil prices, who have boiled in recent weeks over the Ukrainian-Russian war, jumped past $ 100 per barrel in Brent Futures for the first time since 2014 because traders worried further sanctions that could hit Russian crude oil exports.
Brent crude futures rose 3 percent to $ 99.72 per barrel in Asian trade at 9:20 a.m.
Global oil prices have surged more than 30 percent since November with a sharp increase in demand due to the global economic reopening as a Pandemic of Covid-19 eased with a higher level of vaccination.
However, global supply has failed to follow demand that leads to a strict market in crude oil which leads analysts to predict $ 100 per barrel of crude oil later this year. The prediction produced faster results because the fear of the Russian invasion could cause sanctions on the oil industry which could continue supply on the market, analysts said.
The price of gold also rose sharply in early trade because investors were looking for Safe Haven assets amid increasing risk reluctance due to Russian military actions in Ukraine.