Oil soars as Russian energy supply fears intensify amid Western sanctions

LONDON (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 $2.65, or 2.7%, to $100.58 by 1255 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 $3.68 at $97.80.

U.S. West Texas Intermediate (WTI) crude was up $3.62, or 4%, at $95.21 after hitting $99.10 in early trade.

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