For the first time since 2014, a barrel of Brent crude has reportedly risen above $ 105.
The rise comes as Russia’s offensive against Ukraine is affecting global energy supplies.
Brent crude was up $ 8.24 (8.5%) at $ 105.08 a barrel, while U.S. West Texas Intermediate (WTl) crude was up $ 7.78 (8.5%) at $ 99.88, foreign media reported.
Brent and WTI have recorded their highest values since August and July 2014, respectively.
Russia is the third largest oil producer and the second largest exporter of oil.
Russia is also Europe’s largest supplier of natural gas, accounting for about 35% of its supply.