Oil prices rose on Monday, heading for their highest levels in more than seven years, amid fears that a possible Russian invasion of Ukraine could lead to sanctions from the United States and Europe and disrupt energy exports from the world’s largest producer.
Brent crude futures were at $95.73 a barrel by 01.09 GMT, an increase of $1.29, or 1.4 percent, after hitting an intraday high of $95.91 earlier, said Al-Rai daily quoting Reuters.
US West Texas Intermediate crude rose $1.49, or 1.6 percent, to $94.59 a barrel, hovering near a session high of $94.92. Statements from the United States about an imminent attack by Russia on Ukraine have shaken global financial markets.
The United States said on Sunday Russia could invade Ukraine at any time and could create a sudden pretext for an attack. “If there is a movement of forces, Brent crude will easily rise above $100 a barrel,” Edward Moya, market analyst at OANDA, said.
“Oil prices will remain highly volatile and vulnerable to increasing developments regarding the situation in Ukraine,” he added.