The latest surge is expected to lead to petrol prices hitting a fresh record high , with the RAC warning earlier this week that motorists are now facing paying 150p a litre for unleaded petrol and 154p a litre for diesel.
President Putin this morning authorised a "special military operation" in Ukraine, igniting fears of the biggest conflict in Europe since the Second World War.
The invasion has been widely condemned in the West , with Prime Minister Boris Johnson saying the Russian leader had "chosen a path of bloodshed and destruction".
The move also sent gas prices soaring, putting further strain on energy markets that are already grappling with curbed supplies and sky-high prices.
Benchmark European gas prices jumped as much as 41pc to €125 a megawatt-hour in their fourth consecutive day of gains, while the UK equivalent surged by a third.
Fears have been mounting throughout the week that a conflict could disrupt energy supplies to Europe.
Germany has already suspended its approval of the Nord Stream 2 pipeline, which would have doubled inflows of gas from Russia.
Prices in commodities ranging from wheat to aluminium also surged amid concerns supplies of raw materials from the region could be upended.
Western leaders have vowed "unprecedented" further sanctions in response to the invasion – a move that could rattle markets further.
James Cleverly, the foreign minister, told Sky News: "We will be bringing forward… in close concert with our international friends and allies, an unprecedented sanctions response, coordinated sanctions response, to punish this appalling decision."
Ursula von der Leyen, President of the European Commission, condemned the "barbaric" attack and promised further action.
She said: "With this package, we will target strategic sectors of the Russian economy by blocking their access to key technologies and markets. We will weaken Russia's economic base and its capacity to modernise.
"In addition, we will freeze Russian assets in the EU and stop the access of Russian banks to the European financial market."
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