Oil prices hit their highest in more than seven years on Monday on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world's top producer in an already tight market.
Brent crude futures was at $95.65 a barrel by 0742 GMT, up $1.21, or 1.3%, after earlier hitting a peak of $96.16, the highest since October 2014.
"If ... troop movement happens, Brent crude won't have any trouble rallying above the $100 level," OANDA analyst Edward Moya said in a note. While geopolitical tensions help add to the bullish view, this oil supercycle is fundamentally driven, RBC Capital analysts said.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the murder of an oil heiress: ‘One of the weirdest in Florida history’Why experts and insiders are calling the mystery around the killing of oil heiress Jill Halliburton Su — now on its second trial — one of the weirdest the state has ever seen.
Read more »
LA County gas prices rise to record highs again due to 'higher oil prices and inflation'The average price of a gallon of self-serve regular gasoline in L.A. County rose four-tenths of a cent Saturday to $4.754, a record high for the eighth time in the last nine days.
Read more »
Algeria's Sonatrach to share production in Niger's oil-rich Kafra region - statementAlgeria's Sonatrach oil company said it had signed an agreement with the Niger petroleum ministry to share production in Niger's Kafra region, the Algerian state news agency said on Saturday, citing a Sonatrach statement.
Read more »
Global assessment of oil and gas methane ultra-emittersReducing methane emissions from oil and gas “ultra-emitters” could provide a cost-effective strategy to mitigate their contribution to ClimateChange, according to a new report in Science. Learn more ⬇ SciencePerspective:
Read more »
Why Russian Invasion Peril Is Driving Oil Prices Near $100Spare supplies of oil and gas are limited globally as demand rebounds faster than production, making a Russian move on Ukraine a serious geopolitical risk event.
Read more »