Brent Oil Jumps 6% as Russia Sanctions Intensify Shortfall Fears

Brent crude soared past $104 a barrel after Western nations unleashed more sanctions to isolate Russia, one of the world’s top producers of oil, gas, metals and agricultural products.

Futures in London jumped as much as 6.5% in early Asian trade on Monday. The U.S. and its European allies agreed over the weekend to exclude some Russian banks from the SWIFT messaging system and to target the Russian Central Bank’s international reserves amid escalating conflict as Vladimir Putin ordered Russia’s military advance to proceed.