The Graphic Truth: Oil prices surge over Ukraine war

The Graphic Truth: Oil prices surge over Ukraine war
Paige Fusco

Russia’s invasion of Ukraine has sent energy prices soaring. One-month futures of Brent — the industry standard for the type of crude oil favored in international markets — topped $100 a barrel on Thursday for the first time since ... Russia annexed Crimea in 2014. That’s because traders are worried about possible supply disruptions or even sanctions that could interrupt flows from Russia, the world’s third-largest oil producer. Consumers, meanwhile, will feel that jump at the pump, because pricier crude drives up already high gasoline prices. But oil market jitters have been growing since Putin began massing troops around Ukraine last November. Here’s a look back at how prices have responded at key moments in the crisis.

More from GZERO Media

Ukraine's President Volodymyr Zelenskiy gives a press conference in Kyiv, Ukraine, on Feb. 19, 2025.
TETIANA DZHAFAROVA/Pool via REUTERS

The war of words between US President Donald Trump and Volodymyr Zelensky has hit a new low, with Trump labeling the Ukrainian president a “dictator” who “has done a terrible job.”

German conservative CDU candidate for chancellor Friedrich Merz attends a campaign event in Vechta, Germany, on Feb. 19, 2025.

REUTERS/Carmen Jaspersen

The CDU/CSU is very likely to win, making Friedrich Merz the country’s new chancellor. But he’s likely to lead a coalition government with a weak mandate, in part because he has vowed to reject any cooperation with the AfD.

A Chinese People's Liberation Army Navy Harbin Z-9 helicopter sits on CNS Yulin during a display of warships ahead of an exhibition at Changi Naval Base in Singapore on May 18, 2015.

REUTERS/Edgar Su

A Chinese naval helicopter flew nearly 10 feet from a Philippine patrol plane on Tuesday over a contested reef in the South China Sea, escalating tensions with Manila and Washington in the airspace over international waterways Beijing claims as its own.