West Texas Intermediate crude oil prices surged emphatically past $100 per barrel on Tuesday, with Brent crude was trading at well over $106 per barrel as the economic effects of Russia’s invasion of Ukraine rocked the market.

WTI prices shot up more than $9 per barrel to $105.05, an increase of 9.75%, in the early afternoon hours US time. Brent crude prices were up 8.42%, or $8.25 per share, to $106.22.

The WTI price peaked briefly above $100 last on 24 February, but Tuesday's new surge took prices to levels not seen since 2014.