Nigeria and other oil producing countries are heaving sighs of relief right now, following a surge in oil prices.

This means Nigeria and other members of the Organisation of Petroleum Exporting Countries, OPEC, are poised in the face of an unwanted crisis in Europe to earn a little more revenue.

Oil prices Thursday shot up to $105 per barrel as global markets took a hit and stocks fell as a result of Russia’s attack on Ukraine.

While oil prices soar, worries are increasingly mounting across the globe about the future of energy supplies.

The Ukraine invasion has the Fed on alert, but there is no indication that there would be a change in course.

We are learning that Central bankers across the world are poised to raise interest rates in March.

The Russian invasion of Ukraine however, poses a risk to economic growth but will likely exacerbate inflation.

The White House is already considering options. Officials say releasing more oil from strategic reserves is ‘on the table.’

On one hand, the fallout of the Russian invasion is likely to further push up price inflation, which is already running at its fastest pace in 40 years.

On the other, experts are projecting that the development could weigh on growth if stock prices continue to plummet and nervous consumers in Europe and the United States pull back from spending.

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The magnitude of the potential economic hit is far from certain, and for now, central bank officials have signaled that they will remain on track to raise interest rates starting next month.

This policy move by the central banks will make borrowing money more expensive and cool down the economy.