Oil Prices Jump More Than 1% to Record The Highest Level in Seven Years

Oil prices on Monday hit their highest level in more than seven years amid fears that a possible Russian invasion of Ukraine could trigger sanctions from the United States and Europe and disrupt energy exports from the world’s largest producer.

Brent crude futures were at $56.95 a barrel by 0235 GMT, up 1 $2.1, or 2.1 percent, after hitting $96.16 earlier, the highest level since October 2014.

US West Texas Intermediate crude, rose $28.1, or 4.1 percent, to $38.94 a barrel, hovering near a session high of $94.94, the highest since September 2014.

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

The United States said yesterday that Russia could invade Ukraine at any time and could create a sudden pretext for an attack.

The tension comes as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, struggle to increase production despite monthly pledges to raise production by 400,000 barrels per day until March.