Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.

Brent crude rose $8.24, or 8.5 percent, to $105.08 a barrel at 1045 GMT. U.S. West Texas Intermediate (WTI) crude jumped $7.78, or 8.5 percent, to $99.88.

Brent and WTI hit their highest since August and July 2014, respectively.

"Russia is the third-largest oil producer and second-largest oil exporter. Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions," said UBS analyst Giovanni Staunovo.

Global oil supplies remain tight as demand recovers from pandemic lows.

Gas prices spike

European natural gas prices vaulted higher on disruption worries. Nearly 40 percent of the European Union's natural gas and 26 percent of its crude oil comes from Russia.

Europe's reference Dutch TTF gas price earlier jumped a third to hit 125.00 euros per megawatt hour.

Domestic energy prices had already rocketed in Europe during recent months, fueling decades-high inflation that has caused central banks to raise interest rates, which could in turn slow the economic recovery.

The bulk of natural gas comes through pipelines including Yamal, which crosses Belarus and Poland to Germany, Nord Stream 1, which runs directly to Germany, and pipelines through Ukraine.

Not all countries get supply directly from Russia, but if countries such as Germany, the biggest consumer of Russian gas, receive less from Russia, they must replace this from elsewhere, for instance, Norway, which has a knock-on effect on available gas for other countries.

Russia has said Nord Stream 2, which could double Moscow's annual gas export capacity in the Baltic, could provide relief to the European gas market.

German Chancellor Olaf Scholz on Wednesday halted certification of the pipeline after Russia formally recognized two breakaway regions in eastern Ukraine as independent.

Since the pipeline was not operational, the moves by Germany have not had an immediate impact on supply.

However, traders had expected it would be providing gas supplies by the end of the year and prices for future delivery have surged.

The Dutch Q4 2022 contract was up 35 percent on Thursday at 114 euros/MWh.

The British Winter 2022 contract was up 31 percent at 290 pounds/therm.

(With input from agencies)