The cost of May futures for Brent crude oil on the London-based ICE exchange soared by 5.08% to $112.76 per barrel as of 10:43 MSC.

The last time oil futures traded above $112 per barrel was July 21, 2014, RBC reported. WTI crude oil is up 4.5% to $111.05.

Investors continue to assess the prospects around oil supplies amid a new round of anti-Russian sanctions. The cost of raw materials is growing on fears of shortages due to possible supply disruptions. The Wall Street Journal, citing a source, wrote that the U.S. and other major oil-consuming countries are considering releasing 70 million barrels of oil from their strategic petroleum reserves (SPR) because of rising prices.

Traders are also looking forward to the OPEC+ meeting scheduled for Wednesday, March 2. Traders are assessing what measures the organization will take amid geopolitical instability amid the ongoing coronavirus pandemic and by how much production will be increased under the deal.