Brent crude broke above $110 a barrel on Wednesday and WTI was up more than five percent as Russia’s invasion of Ukraine continued to fan fears over supplies of the crucial commodity from the resource-rich region.
Brent climbed 4.88 percent to $110.09, while WTI was up 5.06 percent at 108.64. Both are at more than seven-year highs.
Vladimir Putin’s incursion into the neighbouring country has seen world powers impose strict, far-reaching sanctions on Moscow in retaliation, fuelling worries that exports from Russia will be cut off.
Russia is the world’s third-biggest oil producer.
The conflict in eastern Europe came as prices were already soaring owing to tight supplies and a strong recovery in demand around the world as economies reopen from pandemic-induced lockdowns.
Traders will be keeping a close eye on a meeting of OPEC and other major producers, including Russia, later in the day where they will discuss whether to ramp up output to temper the price rises, which are helping fan inflation.