Brent North Sea crude, the global benchmark for oil prices, also surged during Thursday’s trading.
Prices briefly crossed the $100 per barrel mark, reaching a peak of $101.59.
Later in the session, Brent prices eased slightly but still remained high at around $97 per barrel.
Even after the slight drop, prices are much higher than before the conflict began nearly two weeks ago.
Market experts warn that if oil prices remain high for a long time, it could lead to higher inflation and slower economic growth around the world.
Impact spreads to airlines and fuel costs
The rise in oil prices is already affecting several industries, especially airlines.
New Zealand’s national airline announced it will cancel around 1,100 flights over the next two months due to higher fuel costs.
Hong Kong’s Cathay Pacific has also announced new jet fuel surcharges on many routes. These additional charges will roughly double the current fuel costs paid by passengers.
Such moves show how rising oil prices can quickly increase the cost of travel and transport.