Oil soars as Russian energy supply fears intensify | Reuters

Oil soars as Russian energy supply fears intensify | Reuters

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.

Brent crude rose $2.89, or 3%, to $100.82 by 12:08 p.m. EDT (1708 GMT) after touching a high of $105.07 a barrel in early trade.

The Brent contract for April delivery expires on Monday. The most active contract, for May delivery, was up $3.14 at $97.26.

U.S. West Texas Intermediate (WTI) crude was up $3.79, or 4.1%, at $95.38 after hitting $99.10 in early trade.

"Growing concerns about disruptions to Russian energy supplies are pushing oil and gas prices up sharply," Commerzbank analyst Carsten Fritsch said.