If you thought heating your home and fueling your car couldn't get any more expensive, think again.
News this morning of a Russian-led invasion of Ukraine has sent markets into a frenzy with market prices of essential commodities fluctuating rapidly.
Brent crude reached a high of $103.43 on Thursday morning, up almost 6% as news of explosions in the capital Kyiv reached markets.
This is the first time since 2014 that Brent crude has exceeded $100 a barrel.
Russia is the second-largest producer of oil in the world and the largest supplier of gas in Europe, meaning sanctions imposed on the county's energy sector could see further inflation of prices.
Speaking to the UK Independent, OCBC Bank economist Howie Lee warned that sanctions on Russia's energy sector could result in Russian oil "disappearing overnight", creating a collapse in supply that OPEC producing nations would struggle to fill.
