Oil prices rose 3% on Friday, at their highest levels in 7 years, following… Fears grow that Russia, a major energy producer, will invade Ukraine To increase fears of a lack of global crude oil supplies.
Brent crude futures rose by $3.03, or 3.3%, to $94.44 a barrel, while US West Texas Intermediate crude rose $3.22, or 3.6%, to $93.10 a barrel.
The two benchmarks touched their highest levels since late 2014, exceeding record levels recorded on Monday, and also recorded gains for the eighth consecutive week, amid growing concerns regarding global supplies as demand recovers from the Corona virus pandemic.