Oil price surged to its highest level since 2008 Sunday amid ongoing conflict in Ukraine.

Brent futures rose $10.98, or 9.3 percent, to $129.09 a barrel by 6:28 p.m. EST (2328 GMT), while U.S. West Texas Intermediate (WTI) crude rose $10.38, or 9.0 percent, to $126.06, putting both contracts on track for their highest daily percentage gains since May 2020.

In the first few minutes of trade on Sunday, both benchmarks rose to their highest since July 2008 with Brent at $139.13 a barrel and WTI at $130.50.

(With input from Reuters)