As Russia's war on Ukraine rages on, oil prices keep rising and reflect underlying market concerns, reports Reuters.

One barrel of European reference oil Brent costs USD 109.65 Wednesday morning against USD 105.65 Tuesday afternoon. US benchmark crude West Texas Intermediate sells concurrently for USD 108.06 against USD 104.17.

Concerns about supply breakdown have grown more acute in step with the imposition of sanctions, especially those hitting Russian banks, thereby obliging commodity traders to seek purchases elsewhere in the world market.

Observers are turning their attention to the possibility of a breakdown in the oil trade, largely owning the the insurance and financial sectors being heavily affected, thus impacting export from the Black Sea and making a big dent on global supply, says Justin Smirk, economist at Westpac, to the news agency.

Russian oil comprises roughly 8 percent of total global supply, and even though no direct sanctions are yet set on Russian energy, a row of companies including ExxonMobil have announced withdrawing from engagements in and with Russia.

Meanwhile, investors are also avoiding Russian oil – all factors supporting upward pressure under oil prices.

Wednesday morning, one troy ounce of gold sells for USD 1,934.15 against USD 1,923.85 Tuesday afternoon.

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