Brent crude rose $2.17, or 2.6 percent, to settle at $84.56 a barrel by 11:36 GMT, the highest price since October 2018.
As for US crude, it rose $2.67, or 3.4 percent, to $82.02 a barrel, its highest level since late 2014, according to Reuters.
“Oil prices are likely to continue rising in the short term,” said Commerzbank analyst Carsten Fritsch.
Prices rise as more residents who received vaccinations leave the closure procedures, which supports economic activity, as Brent rose for five weeks and US crude increased for seven weeks.
Coal, gas and electricity prices have also risen to unprecedented levels in the past few weeks driven by widespread energy shortages in Asia, Europe and the United States, which have made oil more attractive as a fuel for power generation.
Some states in India are experiencing blackouts due to coal shortages, while the Chinese government has ordered mining companies to boost coal production as energy prices soar.
The Organization of Petroleum Exporting Countries “OPEC” and its allies, within the framework of what is known as the “OPEC +” group, decided last week to maintain a moderate and gradual increase in production.
“Stock depletion, OPEC discipline and the ongoing energy crisis will provide a strong support to prices in the next three months,” said BVM Oil Associates oil analyst Tamas Varga.
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