By Staff, Agencies

Major global crude benchmark Brent nearly hit $100 a barrel on Tuesday, reaching its highest level in over seven years. Oil prices rose following Russia’s recognition of two breakaway republics in the Donbass region.

April futures of the European benchmark exceeded $99 per barrel, jumping by 4.18% to $99.38 at 08:22 GMT, data from London’s ICE exchange shows. The last time Brent exceeded $99 per barrel was in September 2014.

US benchmark West Texas Intermediate [WTI] crude rose 4.7% to $94.45 a barrel by 09:00 GMT, with a session-high of $94.92, edging closer to its own six-year high it reached last week.

The oil market is closely monitoring growing tensions between Russia and Ukraine over Moscow’s recognition of the breakaway Donbass republics. There are fears that a potential military conflict or subsequent sanctions against Moscow may lead to disruptions in Russian energy supplies to Europe and the global market.