Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.
David Paul Morris | Bloomberg | Getty Images

Oil prices leaped by 3% on Thursday after Russia announced it would launch a military action in Ukraine and reports surfaced of explosions in Kyiv.

International benchmark Brent crude futures jumped 3.03% to trade at $99.77 per barrel. U.S. crude futures shot up by 3.52% to trade at $95.38 per barrel.

Natural gas jumped 2.33%.

Explosions were heard in Ukraine’s capital of Kyiv, NBC News reported.

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