Oil prices on Monday hit their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger US. and European sanctions that would disrupt exports from the world’s top producer in an already tight market.
Brent crude futures was at $95.56 a barrel by 0235 GMT, up $1.12, or 1.2 per cent, after earlier hitting a peak of $96.16, the highest since October 2014. US. West Texas Intermediate (WTI) crude rose $1.28, or 1.4 per cent, to $94.38 a barrel, hovering near a session-high of $94.94, the loftiest since September 2014.
Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets.
