NEW YORK (TheStreet) -- Tensions in Ukraine are driving demand for safe assets, including precious metals and oil.  The White House said the Group of Seven industrialized nations spoke out against Russia's actions against Ukraine and suspended plans for the June G8 Summit.

VIDEO TRANSCRIPT:

Gold (GLD) prices are climbing on Monday as tensions in Ukraine drive demand for safe assets.

Spot gold climbed 1.9% to $1,350.80 an ounce, its highest level since Oct. 30, while silver (SLV) rose 1.6% to $21.51 an ounce.  

This, after the White House said the Group of Seven industrialized nations spoke out against Russia's actions against Ukraine and suspended plans for the G8 Summit, which was set to take place in Sochi in June.

Meanwhile, the escalating conflict surrounding Ukraine also drove up crude oil (OIH) prices.  Brent crude climbed 3% to $112.39 a barrel, its highest level in just over two months.  U.S. crude for April delivery hit $104.97 a barrel, its highest level in more than five months.

That's your midday look at commodities.  In New York, I'm Brittany Umar for TheStreet.

-- Written by Brittany Umar in New York

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