Ukraine crisis sends oil prices surging to 10-year high

European gas prices also hit record levels on Thursday while wheat prices jumped higher in a worrying sign for food costs

The cost of Brent crude has soared to its highest level for 10 years (PA)

The cost of crude has soared to its highest level for 10 years as Russia’s invasion of Ukraine continues to send gas and oil prices rocketing.

Brent crude – the international standard – jumped close to 120 US dollars a barrel at one stage, marking the highest level since March 2012, with trade disrupted amid wide-ranging economic sanctions on Russia.