URGENT: WTI oil price soars more than 10% on Ukraine fallout

A person pumps gas in Washington, DC, on February 23, 2022. – Wall Street stocks fell February 22, 2022 after US President Joe Biden unveiled fresh sanctions on Moscow, while a surge in oil prices was limited by expectations the measures would not impact Russia’s crude production. (Photo by Stefani Reynolds / AFP)

US benchmark oil contract, West Texas Intermediate, soared more than 10 percent in value Tuesday, as Ukraine’s invasion by key producer Russia fuels fears over supplies.

WTI reached $106.29 per barrel and European benchmark Brent North Sea crude surged more than nine percent to $107.44 — with both levels the highest in more than seven years.