On Wednesday, the price of Brent crude oil soared to $113 a barrel, the highest level in nearly eight years, due to disruptions in supply amid escalating Russia-Ukraine tensions.
In London, the Brent crude oil price surged to $113.02 per barrel. Brent crude, also known as London Brent, makes up more than half of the world's globally traded supply of crude oil.
West Texas Intermediate (WTI) crude oil price jumped to $111.50 a barrel.
Post Russian President Vladimir Putin's order of military invasion of Ukraine, the prices of crude oil have skyrocketed since then.
The tensions between Russia and Ukraine are escalating with each passing day. Russia has continued bombardments of Ukrainian cities. Western countries, led by the United States, have tightened sanctions on Russia.
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