Brent oil exceeded $90 per barrel on Wednesday, reaching its highest level in more than seven years, roiled by geopolitical tensions in Ukraine and Middle East supply concerns.
Benchmark in Europe Brent North Sea crude rose to $90.42 in London afternoon trade, re aching a peak not seen since October 2014.
The contract later stood at $90.23, up 2.3 percent from Tuesday.
“This has been coming for a while and even over the last week when prices were easing a little, there was little hope that it would lead to any kind of significant pullback,” OANDA analyst Craig Erlam told AFP.
“With the price now above $90 and gathering momentum once more, it may just be a matter of time until it’s flirting with $100.
“The fundamentals (of supply and demand) remain bullish for oil prices and the prospect of a Russian invasion of Ukraine will only increase the risk premium.”