Brent Oil Surpasses $90 per Barrel... First Time in Over 7 Years

[Asia Economy International Desk Reporter] Brent crude oil prices have surpassed $90 per barrel for the first time in over seven years.

On the 26th (local time), March Brent crude oil on the London ICE Futures Exchange was trading at $90.36, up 2.45% from the previous close. This is the first time Brent crude has exceeded $90 since October 2014.

This is due to geopolitical tensions related to the Ukraine crisis and supply concerns in the Middle East. Rebecca Babin of CIBC Private Wealth predicted that potential sanctions against Russia triggered by the Ukraine invasion would act as a catalyst driving up international oil prices.

On the same day, March delivery West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) was trading at $87.72 per barrel, up 2.48% from the previous day.