Shafaq News / Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply.

Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War Two.

The United States and Europe have promised the toughest sanctions on Russia in response.

Brent crude rose $8.24, or 8.5%, to $105.08 a barrel at 1045 GMT. U.S. West Texas Intermediate (WTI) crude jumped $7.78, or 8.5%, to $99.88.

Brent and WTI hit their highest since August and July 2014 respectively.

Russia is also the largest provider of natural gas to Europe, providing about 35% of its supply.

Global oil supplies remain tight as demand recovers from pandemic lows.

Underscoring the tight market, premiums on crude contracts for loading in one month over contracts for loadings in six months , a metric closely watched by traders, hit a record high at $11.55 a barrel.

Source: Reuters