Oil prices rise on Ukraine invasion fears
February 14, 2022 - Oil prices are at a seven-year high amid concerns over a possible Russian invasion of Ukraine and potential supply disruptions.
Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets, according to Reuters.
Russia could invade Ukraine at any time and might create a surprise pretext for an attack, the United States said on Sunday.
The tensions come as the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, struggle to ramp up oil production despite monthly pledges to increase output by 400,000 barrels per day (bpd) until March, Reuters said.
Brent crude was up 11 cents, or 0.1%, at $94.55 a barrel by 1107 GMT, after earlier hitting a peak of $96.16, the highest since October 2014.