Brent crude rose $2.25, or 2.5 percent, to $93.36 a barrel, by 15:32 GMT, after touching its highest level since October 2014, when it touched $93.70 earlier in the session.
US West Texas Intermediate crude also rose $2.59, or 2.9 percent, to $92.86 a barrel. And it touched its highest level since September 2014, when it touched $93.17 a barrel earlier in the session.
Analysts this week suggested that crude oil prices would exceed $100 a barrel due to the strength of global demand, citing a possible war between Russia and Ukraine as one of their main concerns for markets in 2022.
Three analysts told the Reuters Global Markets Forum that oil prices will rise if global supplies are disrupted, as well as with the recovery in demand due to the escalation of natural gas prices in Europe and Asia, as well as the resumption of activities after the closures imposed to limit the spread of the Covid-19 pandemic.
“The biggest geopolitical risk is Ukraine. The trend is looking good overall for commodities,” said John Vail, chief global strategist at Nikko Asset Management in Tokyo.