Oil prices above $ 90 and fears of a lack of supplies

Oil prices rose today, Monday, to approach the highest levels in more than 7 years, which were recorded in the previous session; Political turmoil in Eastern Europe and the Middle East has raised concerns about supply shortages.

Brent crude, the benchmark, rose 1% to $90.95 a barrel by 00:51 GMT, after increasing 69 cents last Friday.

US West Texas Intermediate crude rose 1.1% to $87.81 a barrel, after rising 21 cents last Friday.

Last Friday, the two benchmarks hit their highest level since October 2014.

The major producers in the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia – in what is known as “OPEC Plus” (OPEC) – are seeking to raise their production levels.

The market was also affected by the Houthi attacks on the United Arab Emirates.

Tensions between Russia and the West have pushed up oil prices, and a row between Russia – the world’s second-largest oil producer – and the West over Ukraine has raised fears of a possible energy shortage in Europe.

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