Oil prices clamber towards 7-year highs on Russia-Ukraine tensions

Oil prices rose on Monday, climbing towards their highest levels in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger sanctions from U.S. and Europe and disrupt energy exports from the world’s top producer.

Brent crude futures was at $95.73 a barrel by 0109 GMT, up $1.29, or 1.4%, after earlier hitting an intraday high of $95.91. U.S. West Texas Intermediate (WTI) crude rose $1.49, or 1.6%, to $94.59 a barrel, hovering near a session-high of $94.92.

Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets.

Russia could invade Ukraine at any time and might create a surprise pretext for an attack, the United States said on Sunday.