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Russian President Vladimir Putin has decided to launch a special military operation in the Donbas region, Xinhua reported. After Putin's remarks, London Brent crude for April delivery rose as high as $100.04 a barrel, while light crude for April delivery rose to $95.54 a barrel on the New York Mercantile Exchange. It was the first time brent crude had surged above $100 a barrel since 2014. Market analysts said that concerns about a conflict between Russia and Ukraine and the impact on global energy supplies spurred crude oil prices to surge.

Russia is the world's main energy supplier, with Europe relying on it for about a quarter of its oil supply and a third of its natural gas.

"The oil market is waiting to see how the West responds to Russia's latest actions," said Warren Patterson, head of commodity strategy at ING Groep NV in New York. As a result, we are likely to see further market volatility and the need to price in a larger risk premium."

Jpmorgan said this week that oil prices could average $110 in the second quarter as tensions in Ukraine continue to escalate. The crude oil market is likely to continue to move higher in the coming quarter before falling back to an average of $90 by the end of the year.

US President Joe Biden's administration is considering reusing its emergency oil supply -- the Strategic Petroleum Reserve (SPR) -- in coordination with its Allies in response to soaring oil prices caused by Russia's actions against Ukraine, foreign media reported。