The price for Brent oil has surpassed $119 per barrel for the first time since May 2012, trading data showed.

Meanwhile, the price of WTI crude oil price topped $115 per barrel for first time since September 2008.

Oil bulls are not letting up as prices are soaring amid the whole situation between Russia and Ukraine at the moment.

The market was already tight before the whole Russia-Ukraine saga but now, with buyers needing to seek alternatives to Russian crude, it only serves to intensify the situation.

Source: Agencies