Oil prices jump as Ukraine conflict stokes supply concerns | Reuters

Oil prices jump as Ukraine conflict stokes supply concerns | Reuters

Oil prices surged on Tuesday as concerns over potential supply disruptions after Russia's invasion of Ukraine and related sanctions outweighing talks of a coordinated global crude stocks release.

May Brent crude futures were up $3.04, or 3.1%, to $101.01 a barrel by 0843 GMT. The benchmark touched a seven-year high of $105.79 after the invasion began last week.

U.S. West Texas Intermediate (WTI) April crude futures were up $2.56, or 2.67%, at $98.28. The contract touched a high of $99.10 a barrel the previous day, ending up more than 4%. read more

A huge Russian military convoy approached Ukraine's capital Kyiv on Tuesday after ceasefire talks between Russia and Ukraine failed to reach a breakthrough. read more