The Western allies have decided to block the access of certain Russian banks to the SWIFT payment system. With this news, oil could go back above the 100 dollar mark.

Saturday's move by Western allies is expected to push oil prices well above $100 a barrel as risks in Russian oil trade increase, analysts said. SWIFT, or Society for Worldwide Interbank Financial Telecommunication, is a secure messaging system that facilitates fast cross-border payments and keeps international trade flowing smoothly.

Russian exports of all commodities, from oil to metals to grain, will be severely disrupted by new Western sanctions, traders and analysts say. Oil prices last jumped above $100 a barrel when Russian forces invaded Ukraine on February 24, with Brent rising above $105 a barrel for the first time since mid-2014 .