Oil prices surged as Brent reached $102.48 a barrel, highest since Sept 2014, as Russia attacked Ukraine, Reuters reported.

Additionally, US West Texas Intermediate (WTI) crude futures rose $4.85, or 5.3%, reaching $96.95 per barrel.

“Russia’s announcement of a special military operation into Ukraine has pushed Brent to the $100/bbl mark,” said Warren Patterson, head of ING’s commodity research.

“The oil market will now wait to see how Western nations respond to Russia’s latest actions. As a result, we will likely see even further volatility in the market, as well as the need to price a larger risk premium,” said Warren Patterson, head of commodities strategy at ING Groep NV. There will be continued upward momentum, as the market will need to price in a larger risk premium,” Patterson said, according to Bloomberg.