As Brent crude inches towards $100 mark, what does it mean for the world?

Average natural gas prices in January and February highest in the last nine years

Tensions in Ukraine are leading to a rise in oil prices. On Wednesday, prices of Brent crude hit $96 per barrel—the highest since 2014. Now, with the US threatening to impose more sanctions on Russia and countries lifting the remaining Covid-19 restrictions, the situation may get further exacerbated as the threat of war looms.

A Business Standard analysis of data shows why restrictions on Russia may further impact energy prices across the world.

While the US and Saudi Arabia account for 32 per cent of the global oil production as per International Energy Statistics, Russia comes in third, accounting