The price of Brent crude oil went over $112 per barrel on Wednesday morning, reaching the record high for the first time since July 2, 2014.

As of 07:41 GMT, the price of May futures for Brent was rising by 7.14% as well, to $112.53 per barrel.

The price of April futures for WTI crude was going up around 7.25%, to $110.88 per barrel.

Source: Agencies