On Thursday, oil prices surged by 3 percent after Russia said it will launch a military operation in Ukraine. Additionally, reports have surfaced that there were explosions in Kyiv.

International benchmark Brent crude futures jumped 3.03% to trade at $99.77 per barrel. U.S. crude futures shot up by 3.52% to trade at $95.38 per barrel.

Natural gas jumped 2.33%.

Explosions were heard in Ukraine’s capital of Kyiv, NBC News reported.

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