SULAIMANI (ESTA) — Oil prices edged higher on Monday on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world’s top producer in an already tight market.
Brent crude futures rose $1.02 to $95.46 a barrel at 0623 GMT, after earlier hitting a peak of $96.16, the highest since October 2014.
U.S. West Texas Intermediate (WTI) crude futures was at $94.36 per barrel, up $1.26, the loftiest since September 2014.
Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets.
“If … troop movement happens, Brent crude won’t have any trouble rallying above the $100 level,” Reuters quoted OANDA analyst Edward Moya as saying.
“Oil prices will remain extremely volatile and sensitive to incremental updates regarding the Ukraine situation.”
