Oil Prices Jump Due to New Warnings About The Ukraine-Russia Conflict

Oil prices rose more than a dollar in early trading on Monday amid growing concerns about a potential conflict between Russia and Ukraine, with the United States and the European Union making clear that Russia would face sanctions if it invaded its neighbor.

Brent crude futures rose $1.34, or 1.4 percent, to $94.88 a barrel at 2312 GMT, after hitting $95.00 a barrel in early trading.

US West Texas Intermediate crude futures rose $1.68, or 1.8 percent, to $92.75 a barrel, after recording $92.93 a barrel.

Arab oil and energy ministers said on Sunday that OPEC + must abide by its current agreement, which adds 400,000 barrels per day to production per month, during their participation in the International Conference on Petroleum Technology in Riyadh, rejecting calls to pump more oil to ease pressure on prices.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, agreed on February 2 to stick to moderate increases in their oil production, due to continuing uncertainty.