Oil prices rocket to seven-year highs on supply fears

Brent crude broke has shot above $110 a barrel and WTI is up more than five percent as Russia’s invasion of Ukraine continues to fan fears over supplies of the crucial commodity from the resource-rich region.

Brent has climbed 4.88 percent to $110.09, while WTI was up 5.06 percent at $108.64. Both are at more than seven-year highs.

Traders will be keeping a close eye on a meeting of OPEC and other major producers, including Russia, later in the day where they will discuss whether to ramp up output to temper the price rises, which are helping fan inflation.

In his State of the Union address, President Joe Biden said the United States would join a 30-country deal to release 60 million barrels to help temper the surge in prices, though analysts have warned such moves would likely only have a limited impact.