Global oil prices soared to nearly 100 dollars a barrel amid growing fears over a possible Russian invasion of Ukraine.

On the New York Mercantile Exchange, West Texas Intermediate(WTI) crude for March delivery rose by one-point-four percent to finish at 92-point-35 dollars a barrel on Tuesday. WTI crude was trading at 96 dollars at one point, up five percent from a day ago.

In London, the price of Brent crude for April delivery soared by more than six percent to 99-point-44 dollars a barrel at one point during the trading session, the highest since September 2014.

In New York, natural gas for March delivery rose to four-point-eight dollars per million British thermal units. Natural gas futures jumped about 17 percent over the past month.

Oil and gas price hikes came after Russia formally recognized the independence of two Moscow-backed breakaway regions in eastern Ukraine and ordered troops into the region.