Oil Approaching Its Highest Levels in Seven Years

Oil prices rose on Monday to close to more than seven-year highs hit in the previous session, as political turmoil in Eastern Europe and the Middle East raised concerns about supply shortages.

Brent crude, the benchmark, rose 92 cents, or 1.0 percent, to $90.95 a barrel, after gaining 69 cents on Friday.

US West Texas Intermediate crude rose 99 cents, or 1.1 percent, to $87.81 a barrel, after rising 21 cents on Friday.

On Friday, the two benchmarks hit their highest level since October 2014.

The major producers in the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia in what is known as (OPEC +), are seeking to raise their production levels. The market was also affected by the attacks launched by the Yemeni Houthi movement on the United Arab Emirates.

Tensions between Russia and the West have pushed up oil prices. The row between Russia, the world’s second-largest oil producer, and the West over Ukraine has raised fears of a possible energy shortage in Europe.