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 $4.82, or 4.9 per cent, to $102.75 by 1028 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 $4.74 at $98.86. US West Texas Intermediate (WTI) crude was up $4.62, or 5 per cent, at $96.21 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.