Ukraine conflict: Oil soars to highest price in 10 years

Oil and gas prices have continued to soar as trade is disrupted by sanctions on Russia following its invasion of Ukraine.

The price of Brent crude oil rose to a 10-year high of more than $119 per barrel, while gas prices rose as well.

Russian oil and gas exports are exempted from Western sanctions for now.

But in the trading, banking and shipping sectors there is widespread reluctance to buy Russian commodities.

Russia is the second biggest exporter of crude oil, and is also the world's largest natural gas exporter.

Ukraine and Russia are also two of the world's largest wheat producers, and account for nearly a third of global exports.

Exports from the Black Sea have nearly halted amid the invasion of Ukraine and sanctions.

Wheat prices jumped earlier in the week, but fell back on Thursday.