Prices of oil futures extended earlier gains and reached seven-year highs on Thursday after the armed conflict between Ukraine and Russia continued to escalate. Global oil market sentiment was affected after Russia, a major energy exporter, has been threatened with an additional package of sanctions.
West Texas Intermediate (WTI) for settlements in April was 8.55% higher to sell for $100.02 per barrel at 5:20 am ET, while Brent for deliveries in April gained 8.63%, going for $105.18 per barrel a minute later.
