By AFP

Hong Kong, China – WTI crude broke above $110 a barrel on Wednesday as Russia’s invasion of Ukraine continued to fan fears over supplies of the crucial commodity from the resource-rich region.

The contract climbed 6.5 percent to $110.18 hours after Brent also broke the same level. Brent is at a high last seen in 2014, while WTI is at levels not seen since 2013.

Both main oil contracts crude broke above $110 a barrel on Wednesday as Russia’s invasion of Ukraine continued to fan fears over supplies of the crucial commodity from the resource-rich region.

Brent was the first to top the level in the morning with WTI following suit hours later.

In the afternoon Brent rose as high as $111.78, while WTI hit a peak of $110.18.

President Vladimir Putin’s incursion into the neighbouring country has seen world powers impose strict, far-reaching sanctions on Moscow in retaliation, fuelling worries that exports from Russia will be cut off.

Russia is the world’s third-biggest oil producer.

The conflict in eastern Europe came as prices were already soaring owing to tight supplies and a strong recovery in demand around the world as economies reopen from pandemic-induced lockdowns.

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.