Brent above $95.50, WTI crude jumps 1.5%

Oil drilling rigs

Oil prices extended gains on Monday, in line with eight straight weeks of positive close, amid geopolitical tensions between Russia and Ukraine. The price rise was also supported by a robust demand.

The international benchmark Brent crude was trading up 1.25% at $95.62 per barrel, at 9.00 am Makkah time.

West Texas Intermediate (WTI) crude jumped 1.48% at $94.48 a barrel, after touching $94.94 a barrel in early session – the highest level since September 2014.

The price rally came after a diplomatic situation on the Ukraine crisis at the end of last week, including phone conversations between US President Joe Biden and his Russian counterpart Vladimir Putin.

Meanwhile, in an interview with CNN on Sunday, Feb. 13, US National Security Adviser Jake Sullivan warned that there is a strong possibility that a military action may occur very soon, in relation to the Ukraine crisis.