Oil prices surged amid escalating tensions in Ukraine, with Brent crude futures surpassing one-hundred dollars per barrel for the first time in eight years.

According to Bloomberg, Brent crude futures surged five-point-78 percent to one-hundred-two dollars and 44 cents per barrel, topping the one-hundred-dollar threshold for the first time since 2014 as Russian forces crossed the border into the Donbas region of eastern Ukraine.

U.S. West Texas Intermediate(WTI) crude futures also surged five-point-three-seven percent to 97 dollars and five cents per barrel.

Explosions were reported throughout Ukraine's capital, Kyiv, with the city's mayor Vitali Klitschko declaring an emergency, effective as of Thursday local time. Russian troops have landed in the city Odessa and are crossing the border in the city of Kharkiv, according to various Russian news outlets.

U.S. President Joe Biden has called the invasion an "unjustified attack" and has vowed to issue a stern response with Washington's allies and partners.