Oil soars as Russian energy supply fears intensify
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 $2.32, or 2.4 per cent, to $100.25 by 1436 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 $3.14 at $97.26.
US West Texas Intermediate (WTI) crude was up $3.09, or 3.4 per cent, at $94.68 after hitting $99.10 in early trade.
