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Oil prices jump; Ukraine-Russia conflict could push inflation to 10% as invasion begins

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inflation is already at the highest level in four decades. Russia's full-scale attack on Ukraine could push it even higher.That's because the conflict has already sent oil prices above $100 a barrel for the first time since 2014, with some prices jumping as high as $105 on Thursday after Russia launched a broad offensive against Ukraine late Wednesday night, hitting cities and bases with airstrikes and shelling.

Brent crude, the global benchmark, surged more than 8%, hitting $105.50 early Thursday. U.S. oil prices, meanwhile, climbed to more than $99. LIVE UPDATES: WORLD REACTS AS PUTIN ORDERS TROOPS INTO UKRAINEThe war in Europe – which has shattered nearly three decades of peace on the continent – could ultimately cause oil prices to surge as much as 20% to $120 a barrel, according to RSM chief economist Joe Brusuelas.

Should that happen, consumer prices in the U.S. would surge above 10% on an annual basis, the economist said, the highest since October 1981.

The conflict also threatens to cause massive casualties. "The potential for a broader energy shock to the global and U.S. economies should Russia invade Ukraine has added to a combustible mix of factors that is causing inflation to accelerate in the United States and abroad," Brusuelas said.

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Orbeez Challenge: 4 teens facing charges after firing gel pellet gun at students, faculty
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