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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Statements from the United States about an imminent attack by Russia on Ukraine have shaken global financial markets.<\/p>\n\n\n\n
The United States said yesterday that Russia could invade Ukraine at any time and could create a sudden pretext for an attack.<\/p>\n\n\n\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":9,"featured_media":58819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7804,6951,8611],"class_list":["post-60174","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-baker-hughes","tag-natural-gas","tag-oil-rigs-count"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=60174"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60174\/revisions"}],"predecessor-version":[{"id":60175,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60174\/revisions\/60175"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/58819"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=60174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=60174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=60174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}