LONDON, Mar 3 (AFP): Global oil prices soared to the highest levels this year on Monday as the Ukraine crisis fuelled concerns about global energy supplies, analysts said.
Brent North Sea crude for delivery in April rocketed $2.77 to stand at $111.84 a barrel in London midday deals.
New York's main contract, West Texas Intermediate (WTI) for April, jumped $1.94 to $104.53 a barrel.
Ukraine accused Russia on Monday of pouring extra troops and military planes into Crimea, a predominantly Russian-speaking peninsula in the southeast of the former Soviet state.
Crimea has been under de facto occupation by pro-Kremlin troops since President Vladimir Putin won parliament's authorisation Saturday to use force in Ukraine.
"The on-going uncertainty in Ukraine has caused further upside momentum to the oil market amid concerns about oil production issues," said Myrto Sokou, senior research analyst at Sucden brokers in London.
Oil prices surge on Ukraine crisis
FE Team | Published: March 04, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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