Oil prices surge as Russian invasion of Ukraine rings supply alarm bells | Reuters

Oil prices surge as Russian invasion of Ukraine rings supply alarm bells | Reuters

Oil prices jumped on Friday by nearly 3% on concerns of global supply disruptions from the impact of trade sanctions on major crude and fuel exporter Russia after it invaded Ukraine.

Global benchmark Brent crude rose $2.81, or 2.8%, to $101.89 a barrel at 0738 GMT on Friday, after climbing to as high as $101.99.

U.S. West Texas Intermediate (WTI) crude touched a high of $95.64 a barrel, and was last up $2.37, or 2.6%, at $95.18.

The start of the invasion in Ukraine on Thursday caused prices to surge above $100 a barrel for the first time since 2014, with Brent touching $105, before paring gains by the close of trade.