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Oil prices surged to seven-year highs on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures gained $5.30, or 5%, to $110.23 a barrel at 0419 GMT, a level last seen in July 2014. U.S. West Texas Intermediate (WTI) crude futures were up $5.02, or 4.8%, to $108.41, after earlier hitting the highest since September 2013.
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