Crude oil price soars to $113 a barrel as Russia-Ukraine conflict worsens

Brent crude oil price soared to $113 a barrel on Wednesday, the highest level in nearly eight years, due to disruptions in supply amid escalating Russia-Ukraine tensions.

Brent crude oil price surged to $113.02 per barrel in London. Brent crude, also known as London Brent, makes up more than half of the world's globally traded supply of crude oil.

West Texas Intermediate (WTI) crude oil price jumped to $111.50 a barrel.

Crude oil prices have spiralled in the last one week after Russian President Vladimir Putin ordered a military operation in Ukraine.

The tensions between Russia and Ukraine are escalating with each passing day. Russia has continued bombardments of Ukrainian cities. Western countries, led by the United States, have tightened sanctions on Russia.