Brent Blend above $95, W. Texas over $94 a barrel

Oil prices hit their highest level in more than 7-year on Monday, amid fears that a possible Russian invasion of Ukraine could trigger sanctions from the United States and Europe and disrupt energy exports from the world’s largest producer.

Brent blend, the worldwide benchmark futures reached $95.56 a barrel by 0235 GMT, an increase of $12.1, or 2.1 percent, after it earlier recorded $ 96.16, the highest level since October 2014, according to Reuters.

US West Texas Intermediate crude rose $28.1, or 4.1 percent, to $94.38 a barrel, hovering near a session high of $94.94, the highest since September 2014.

“If there is a movement of forces, then Brent blend will easily rise above $100 (a barrel), said Edward Moya, market analyst at Oanda, in a note.

Oil prices will remain highly volatile and vulnerable to increased developments regarding the situation in Ukraine,” he concluded.