Oil prices hit their highest in more than seven years 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 was at $95.65 a barrel by 0742 GMT, up $1.21, or 1.3%, after earlier hitting a peak of $96.16, the highest since October 2014.
"If ... troop movement happens, Brent crude won't have any trouble rallying above the $100 level," OANDA analyst Edward Moya said in a note. While geopolitical tensions help add to the bullish view, this oil supercycle is fundamentally driven, RBC Capital analysts said.
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