Oil Price Boil: After Russia's war on Ukraine intensified concerns about global energy supply disruptions, oil prices climbed on Thursday, with Brent climbing above USD105 a barrel for the first time since 2014. Russia launched a full-scale invasion of Ukraine by land, air, and sea, marking the largest single-state onslaught in Europe since World War II.

As a result, the US and Europe have threatened to impose the strongest penalties on Russia. "Supply disruptions cannot be ruled out if sanctions impair payment transactions, Russian banks, and maybe also the insurance that protects Russian oil and gas supplies," said Commerzbank analyst Carsten Fritsch.

Today, Brent crude was up USD8.24, or 8.5 percent, to USD105.08 a barrel. The price of West Texas Intermediate (WTI) crude in the United States increased by USD7.78, or 8.5 percent, to USD99.88. Brent and WTI reached new highs for the first time since August and July 2014, respectively.

"Russia is the world's third-largest oil exporter and third-largest oil producer. The oil market cannot sustain substantial supply interruptions due to low stockpiles and diminishing spare capacity "Giovanni Staunovo, a UBS analyst, said "Supply fears could lead to more oil stockpiling, which would support prices."

Russia is also Europe's major natural gas supplier, delivering around 35% of the continent's supply. As consumption rises from epidemic lows, global oil supplies remain tight.

Central government issues advisory and helpline numbers for Indian nationals stranded in Ukraine

Ukraine seeks India's help amid Russia attack, said- Modi Ji talk to Putin immediately

Russia's 'double attack' on Ukraine, 'cyber attack' after military attack