Brent oil hits $100 a barrel for the first time since 2014

Brent oil surged to $100 a barrel for the first time since 2014 as Russia’s dramatic escalation of the Ukraine crisis sparked fears of a disruption to the region’s critical energy exports.

Futures in London jumped as much as 3.3 per cent after a report that President Vladimir Putin has decided to conduct a special operation to “protect” the Donbas region.

This week, Putin announced he’d send “peacekeeping forces” into the two separatist regions recognised by Moscow, heightening fears among western governments of a full-blown invasion of Ukraine.

Russia is a key supplier of energy to global customers, with Europe relying on the nation for about a quarter of its oil supplies and a third of its gas.