US Oil Prices Climb 9% To 7-Year High Due To Russian Invasion Of Ukraine

Oil prices continued to surge amid the crisis in Ukraine, as U.S. crude reached its highest level since June 2014.

As of 1:39 p.m. ET, West Texas Intermediate (WTI) crude futures, the U.S. oil benchmark, climbed to 8.57% to $103.92.

Brent crude, the international oil benchmark, rose more than 8% to $105.88 a barrel.

The International Energy Agency (IEA) said in a press release Tuesday that member countries will release 60 million barrels of oil from their emergency reserves in an effort to symbolize to global markets that there will be no shortage of supply amid Russia's invasion of Ukraine.

Oil prices are at their highest point in eight years, as WTI crude oil prices exceeded the $100 mark this week after the West sanctioned Russia, impeding its oil exports. Russia is the world's third-biggest oil producer, exporting around five million barrels of crude oil daily, or about 12% of worldwide trade.

The jump in oil prices was expected leading up to the conflict in Ukraine. On Feb. 16, oil analyst Nishant Bhushan told the Wall Street Journal that "any disruption of oil flows from the region would send Brent and WTI prices skyrocketing higher, far above $100."

The U.S. has yet to exercise any direct sanctions on Russia's oil industry, but White House press secretary Jen Psaki said the Biden administration would not rule it out.

The IEA met Tuesday in an act of unity and support for Ukraine.

“It is heartening to see how quickly the global community has united to condemn Russia’s actions and respond decisively,” IEA Executive Director Fatih Birol said. “I am pleased that the IEA has also come together today to take action."