Oil prices surged on Tuesday as concerns over potential supply disruptions amid Russia's invasion of Ukraine outweighed talk of a coordinated global release of crude stocks to calm markets.
May Brent crude futures, which began trading as prompt on Tuesday, advanced 1.8% to $99.7 by 0734 GMT after briefly touching $100. The benchmark touched a seven-year high of $105.79 after Russia's invasion of Ukraine began last week.
U.S. West Texas Intermediate April crude futures rose 1.6% to $97.28. That contract touched a high of $99.10 a barrel the previous day, and had settled up more than 4%.Concerns over tightening supplies drove prices higher as peace talks between Russia and Ukraine on Monday ended with officials heading back to capitals for further consultation, suggesting conflict resolution is not imminent.
Major oil and gas companies, including BP and Shell , have announced plans to exit Russian operations and joint ventures.
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