Oil prices jump after the developments of the crisis in Ukraine

Oil prices rose more than a dollar in early trading on Monday, amid growing concerns about a potential conflict between Russia and Ukraine, with the United States and the European Union making clear that Russia would face sanctions if it invaded its neighbour.

Brent crude futures rose $1.34, or 1.4 percent, to $94.88 a barrel, after hitting $95.00 a barrel in early trading.

US West Texas Intermediate crude futures rose $1.68, or 1.8 percent, to $92.75 a barrel, after recording $92.93 a barrel.

“If a Russian invasion happens, as the US and UK have warned in recent days, Brent crude futures could rise above $100 a barrel,” Commonwealth Bank analyst Vivek Dar said in a note.