Oil prices soar as Ukraine conflict stokes supply concerns | Reuters

Oil prices soar as Ukraine conflict stokes supply concerns | Reuters

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

May Brent crude futures were up $5.14, or 5.25%, to $103.11 a barrel by 1145 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 $3.91, or 4.08%, at $99.63. 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 talks between Russia and Ukraine failed to reach a breakthrough. read more