Oil Prices Rise, Approaching 7-Year Highs

Oil prices rose today, Monday, approaching their highest levels in over 7 years, as recorded in the previous session, due to political unrest in Eastern Europe and the Middle East raising concerns over supply shortages. Brent crude increased by 92 cents or 1.0% to $90.95 per barrel by 00:51 GMT after a rise of 69 cents on Friday. Meanwhile, West Texas Intermediate crude climbed by 99 cents or 1.1% to $87.81 per barrel after a increase of 21 cents on Friday. Both benchmarks reached their highest level since October 2014 last Friday. Major producers in the Organization of the Petroleum Exporting Countries (OPEC) and their allies led by Russia, known as OPEC+, are looking to raise their production levels. Tensions between Russia and the West have contributed to the surge in oil prices. The dispute between Russia, the world’s second-largest oil producer, and the West over Ukraine has heightened fears of potential energy supply shortages in Europe.