Oil above $100 for first time since 2014, gold hits 17-month high

By Ovunc Kutlu

ANKARA (AA) - Oil prices climbed above $100 per barrel for the first time since 2014, while gold hit its highest level in 17 months as Russia's military intervention in Ukraine fuels risks related to energy security and investors flock to precious metals as a safe haven.

The price of Brent crude oil climbed to as high as $102.23 per barrel on Thursday, its highest since Sept. 5, 2014, according to official figures.

This was a 5.5% increase for the international oil benchmark, which closed on Wednesday at $96.84 per barrel. It was trading at just below $100 per barrel at 1630 GMT.

American benchmark West Texas Intermediate (WTI) saw its price climbing to $100.50 per barrel during the day -- the highest since July 30, 2014.

WTI enjoyed daily gains of 9.1% at that point, after ending the previous session at $92.10 a barrel. It later retreated to trade at $96.81 per barrel.

With Russia's military intervention in Ukraine, natural gas prices in Europe also jumped by around 30% in the EU. Europe buys approximately 40% of its natural gas from Russia.

Amid heightened geopolitical risks, investors around the world flocked precious metals as safe haven assets.

The price of gold climbed to $1,974.47 per ounce on Thursday, its highest level since Sept. 1, 2020, and up 3.5% from Wednesday's close of $1,907.55.

It was trading at around $1,922 an ounce at 1640 GMT.

An ounce of silver reached $25.62 during the day, marking its highest since Aug. 2, 2021, and up 4.5% from the previous day's close of $24.52. It was trading at around $24.72 an ounce at the time.