(raw materials / closing price /% change)

Gold $1,352.4 +9.90 +0.74%

ICE Brent Crude Oil $111.20 +2.13 +1.95%

NYMEX Crude Oil $104.86 +1.07 +1.03%

Brent crude surged to a two-month high amid escalating tension between Ukraine and Russia, the world’s largest oil producer. West Texas Intermediate rose to the most since September.

The European benchmark climbed as much as 3 percent, boosting its premium to WTI. Ukraine mobilized its army reserves as Russia seized control of the Black Sea region of Crimea. The U.S. is weighing sanctions against Moscow during the worst standoff between the West and Russia since the Cold War ended. WTI gained on speculation supplies at Cushing, Oklahoma, slid.

Brent for April settlement climbed $2.73, or 2.5 percent, to $111.80 a barrel at 11 a.m. New York time on the London-based ICE Futures Europe exchange. It rose to $112.39 earlier, the highest level since Dec. 30. Volume was double the 100-day average.

WTI for April delivery gained $2.51, or 2.4 percent, to $105.10 a barrel on the New York Mercantile Exchange. Earlier, it touched $105.22, the most since Sept. 20. Volume was 82 percent above the 100-day average. Brent’s premium over WTI was $6.70, up from $6.48 on Feb. 28, the narrowest level since October.

Gold prices rose more than 1 percent because of the worsening situation in the Crimea.

February price rose by 7 percent , the biggest increase since July , mainly due to slow economic growth in China and the U.S. and Ukrainian crisis.

The major industrialized countries of the " Big Seven " , condemned the invasion of Russian troops in Ukraine and suspended preparations for the summit " Big Eight ", which was to be held in Sochi in June.

European Commission President Jose Manuel Barroso said today that an emergency EU summit to assist Ukraine will be held in the shortest time. He assured that the rescue plan had already been developed in conjunction with the IMF. According to forecasts, Ukraine needs about $ 35 billion over the next two years.

German Chancellor Angela Merkel expressed concern over the events taking place in Ukraine, and noted that it is too late to resolve the situation through political means . French Foreign Minister Fabius suggested that Russia must conduct diplomatic negotiations .

" Obviously, if the situation is not resolved , it can cause economic disruption due to rising prices for oil and gas , trade sanctions and increased global tensions that may threaten the unstable global economic recovery ," - said analyst Edward Meir INTL FCStone .

On the physical market shows no signs of increasing demand from jewelers. Margins on bullion in Singapore remained at last week's $ 0.80 per ounce to the spot price in London.

Gold mining in Australia, occupying the second place in the world on this indicator in 2013 was the highest in 10 years due to improved ore.

The cost of the April gold futures on the COMEX today rose to $ 1354.30 per ounce.