New Delhi, Feb 24 (TIWN) Brent-indexed crude oil prices climbed above $100 a barrel for the first time since 2014 after Russia declared war on Ukraine.

On Thursday, Russian President Vladimir Putin announced a military operation in Ukraine.

Besides, crude oil prices surged by 5.50 per cent near 97.22 per barrel on the NYMEX WTI index.

Notably, Russia is one of the world's top producers of crude oil and any western sanctions against Russia will stiffen the global supply.

For India, the development assumes significance as the country is import-dependent to fulfil its crude oil needs.

Notably, the rise in crude oil prices can escalate domestic prices thereby triggering inflation.

"Crude Oil prices rose sharply on geopolitical concerns after Russia moved troops into Ukraine, sparking concerns that a war in Europe could disrupt global energy supplies," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.