The surge of global oil prices is showing no sign of subsiding as political tensions escalate between Russia and Ukraine, further hitting the wallets of Australian motorists. Brent crude oil, the international benchmark for oil prices, hit a seven-year high on Monday, trading at above $95 (A$133) a barrel, and experts expect it to soon hit $100 (A$140). If sanctions are placed on Russia, which supplies more than 10 percent of the world’s oil, it will put heavy pressure on global supply. In the event of a supply shock, Brent crude could skyrocket to $150 in the first quarter of the year and force central banks to “display less patience than normal,” according to JP Morgan Chase economists. Ben Cleary, portfolio manager of the Tribeca Natural Resources Fund, said $100 oil was “almost consensus.” “I think the bigger question is, how high can oil go?” he told The Australian Financial Review. …