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March 1 (UPI) -- Oil prices on Tuesday reached a seven-year high as the Russian invasion of Ukraine intensifies. The U.S. oil benchmark hit $106.50 per barrel while the international benchmark Brent crude was trading at $107.26, the most since July 2014.
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Prices crossed the $100 mark last Thursday when Russia invaded Ukraine amid global fears of shortages since Russia is a key oil exporter.
President Joe Biden said on Thursday that his administration "is using every tool at our disposal to protect Americans and businesses from rising prices at the pump." Biden is scheduled to deliver his State of the Union address Tuesday evening.
Meanwhile, the 31 member countries that govern he International Energy Agency on Tuesday agreed to release 60 million barrels of oil from their emergency reserves "to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia's invasion of Ukraine."
"It is heartening to see how quickly the global community has united to condemn Russia's actions and respond decisively," said IEA Executive Director Fatih Birol. "I am pleased that the IEA has also come together today to take action. The situation in energy markets is very serious and demands our full attention. Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery."
Russia's invasion into Ukraine that began last Thursday drove up the cost of natural gas worldwide, analysts noted.
