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, driven up by concerns over supply disruption because of the Ukraine crisis and sanctions against Russia, while talks over a coordinated global crude stocks release failed to calm fears of potential shortages.

May Brent crude futures were up $6.38, or 6.51%, to $104.35 a barrel by 1450 GMT after hitting an intraday high of $104.60. The benchmark touched a seven-year peak of $105.79 after Russia's invasion of Ukraine began last week.

U.S. West Texas Intermediate (WTI) April crude futures were up $6.27, or 6.55%, at $101.99 after hitting their highest since July 2014 at $102.19.

Members of the International Energy Agency (IEA) on Tuesday discussed releasing 60 million barrels from oil stocks an an effort to cool oil prices. read more