ANKARA: Oil prices jumped on Friday as ongoing talks between Ukraine and Russia failed to bring the sides closer towards a resolution to end the war.
International benchmark Brent crude was trading at US$108.53 per barrel at 0605 GMT for a 1.77 per cent gain after closing the previous session at US$106.64 a barrel, according to Anadolu Agency.
American benchmark West Texas Intermediate (WTI) traded at US$105.33 per barrel at the same time for a 2.28 per cent increase after settling at US$102.98 a barrel in the previous session.
A new round of talks between the delegates from the two countries concluded without a positive outcome.
Oil prices were pushed further by a warning from the International Energy Agency on the possibility of losses of nearly 3 million barrels per day of oil in April due to sanctions on Russia.
Meanwhile, Russia started to intensify its attack on the Ukrainian capital of Kyiv on Thursday.
As the war carries on, worries over supply disruptions and further sanctions push prices upward.-Bernama