Oil prices hit seven-year highs close to $100 after Russia moves troops into Ukraine – as it happened

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Oil prices are trading at seven-year highs and Brent crude is fast approaching $100 a barrel. The global benchmark has jumped 3.8% to $99.04 a barrel, the highest since September 2014, while US light crude is 5.2% higher at $95.81 a barrel.

Experts are saying that oil could easily go through $100 and push towards $120 a barrel. The last time Brent was at (and above) $100 a barrel was in early September 2014.

The intensifying crisis between Russia and Ukraine has raised concerns about the supply disruptions that would ensue as sanctions look set to cripple Russia, the world's second largest oil exporter and the world's top natural gas producer.

If Putin continues his aggression and the threat of war becomes a reality, oil prices could easily push beyond $100 towards $120 a barrel to fresh highs not seen since 2014. Not only are geopolitical tensions supporting the uptrend but the fundamentals of supercharged demand post COVID coupled by constrained supply from OPEC+ continue to support more bullish price action ahead.