Oil prices are soaring yet again, further amplifying the global economic toll of Russia's attack on Ukraine. The international crude benchmark Brent is up 7% to top $110 a barrel. That's its highest level since July 2014. It comes amid fears that Moscow's sustained assault will force Western governments to impose sanctions on the Russian energy sector. The rally also comes ahead of a meeting of the world's oil cartel OPEC. The group's expected to announce a decision on crude supply levels to meet growing global demand.

Naeem Aslam is the chief market analyst at AvaTrade in London.

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