Oil prices rose on Thursday in global markets to more than 105 dollars a barrel for the first time since 2014, in the wake of the start of the Russian ground attack on the Republic of Ukraine and growing concerns about disruption to global energy supplies.

The price of Brent crude rose by more than eight dollars, or about 8.5%, to record at midday on Thursday 105.08 dollars a barrel, and the prices of US West Texas Intermediate crude rose to nearly 100 dollars a barrel, which is their highest level since August of 2014.

According to economic analysts, oil prices are likely to rise if the war in Ukraine continues, because Russia is the second largest oil exporter, and in light of low inventories and dwindling spare capacity, the oil market cannot bear major disruptions in supplies.