Oil extends gains, Brent crude soars past $99

Oil drilling rigs

Oil prices soared on Tuesday on supply disruption worries after Russia ordered troops into two breakaway regions in eastern Ukraine.

Brent crude was trading higher by 3.9% at $99.12 per barrel, at 11.29 am Makkah time. Earlier in the session, the international benchmark jumped to $97.66 -- the highest level in seven years

West Texas Intermediate (WTI) crude advanced 5.26% to $95.86 a barrel.

Earlier in the session, Brent crude futures rose $2.10, or 2.2%, to $97.49 a barrel; and WTI crude futures jumped $3.25, or 3.6%, to $94.32, Reuters reported.

Meanwhile, the US and the UK said they would place additional sanctions on Russia in response to the move. The US also asked its State Department personnel to evacuate Ukraine and move to Poland for security reasons.

The escalation of the conflict and a possible response from the US and Europe could disrupt raw materials markets, because Russia is a major producer of oil, gas, aluminum and wheat.