Oil prices jumped more than $7 a barrel early on Monday after Russian President Vladimir Putin put the country's nuclear deterrent on special combat alert after Western and Japanese governments tightened sanctions on Russian banks.

The special combat readiness status of the Russian military's nuclear deterrent and restrictions on bank payments have heightened concerns about possible disruptions to oil supplies from Russia, the world's second-largest oil producer.

Brent crude futures were up $5.46, or 5.6 percent, at $103.39 after hitting a high of $105.07 a barrel shortly after the opening bell, the report said. The benchmark contract hit a more than seven-year high of $105.79 after Russia's invasion of Ukraine. U.S. crude futures rose $5.64, or 6.2 percent, to $97.23 a barrel after hitting a high of $99.10 shortly after the opening bell. Us crude futures hit a high of $100.54 last week.