Brent hovers near 8-year peak on concerns of Russian energy supply disruptions

Brent prices maintained their gains in American trade, nearing eight-year highs after the US and EU imposed new harsh sanctions on Russia, triggering concerns of supply disruptions.

Brent spiked hugely by 6.8% to $105.10, after closing down 0.7% on Friday away from 2014 highs at $105.74.

Brent rose 5.1% last week after Russia's direct attack on Ukraine.

The EU imposed new restrictions on Russian banks from using the Swift international payments system and other limitations on the Russian central bank, while closing European airspace against Russian airplanes.

Tensions increased further after Russian President Putin announced putting the nuclear arsenal at the ready in response to the sanctions.

The sanctions raised concerns of potential energy supply disruptions from Russia, with natural gas prices spiking over 30% in the last few days.