Crude oil futures surged more than 6% to above $97 a barrel in the early trading on Monday in Asia after Western nations imposed more sanctions on Russia raising fears of supply disruptions from one of the world’s largest producers of oil and gas. Brent crude soared as much as 6.5% to cross $104 a barrel in the early trading on Monday in Asia.

Goldman Sachs expects a rise in the prices of commodities that Russia is a major producer of and lifted its short-term Brent crude forecast..

The G7 nations agreed to exclude major Russian banks from the SWIFT messaging system and to target the Russian Central Bank’s international reserves, reminds TradingEconomics.com. Also, BP, the biggest foreign investor in Russia, said it was abandoning its stake in the state oil company Rosneft. Last week, US government data also showed that crude stockpiles continued to slide at Cushing, Oklahoma, approaching critical levels, which, in turn, could spur further oil price run-ups. Meanwhile, investors are also closely monitoring the Iran nuclear talks amid signs of progress. A potential deal could add more than 1 million barrels a day of supply and help ease a tight global market.

US natural gas futures rose more than 2% to above $4.6 per million British thermal units in early Asian trading hours on Monday. At the same time, domestic natural gas inventory levels declined by 129 billion cubic feet last week, less than market forecasts of a 134 bcf. Meanwhile, frigid weather continued to move across most of the US, boosting gas demand for heating.