World oil prices jumped on Tuesday with WTI crude hitting a fresh 2014 peak, as traders fretted over fallout from key producer Russia’s invasion of Ukraine.

New York’s West Texas Intermediate (WTI) soared as high as $101.53 per barrel in early afternoon deals. Brent leapt to $104.60, approaching its 2014 peak of $105.79 that was struck last Thursday as Russia launched its assault on Ukraine.

“Traders and investors are increasingly worried about the impact of the Ukraine crisis on Russian oil and gas supplies,” Interactive Investor analyst Victoria Scholar told AFP. “Brent crude looks as though it could break above last week’s high in the coming sessions unless either this is a de-escalation of tensions or there is a global coordinated effort to release reserve supplies to the market.”

Traders and investors are increasingly worried about the impact of the Ukraine crisis on Russian oil and gas supplies- Interactive Investor analyst Victoria Scholar

The oil market is meanwhile on tenterhooks on the eve of a crucial output meeting of OPEC and non-member producers, including Russia.

“With OPEC+ expected to stick to the script with its drip feed approach of adding 400,00 barrels per day at this week’s meeting, supply is likely to remain constrained, fuelling further upside for prices,” cautioned Scholar.