West Texas Intermediate crude rose $2.01, or 2.3 percent, to settle at $90.27 a barrel, the first time it has closed above $90 since October 6, 2014.
Brent crude, the global benchmark, rose to $91.11 a barrel, up $1.64, or 1.8 percent.
Analysts attributed the rise to growing fears that cold weather would affect production in Texas, exacerbating tight supply in global oil markets.
Global supply scarcity and global political tension have increased oil prices by about 15 percent since the start of the year. Demand continues to rise, as the mutated Omicron strain of the Corona virus temporarily reduces consumption in major economies.
The OPEC + group agreed on Wednesday to stick to the monthly increases of 400,000 barrels per day in oil production, despite pressure from major consumers to increase production more quickly.
Goldman Sachs analysts expected the price of Brent crude to exceed $100 a barrel in the third quarter.