London, (Business News Report)| Oil prices have rebounded, approaching the highest levels since 2014 recorded last week.
Political turmoil in Eastern Europe and the Middle East raised oil prices in light of fears of supply shortages.
Brent crude, the benchmark, rose 92 cents, or 1.0 percent, to $90.95 a barrel by 0051 GMT, after gaining 69 cents on Friday.
US West Texas Intermediate crude rose 99 cents, or 1.1 percent, to $87.81 a barrel, after rising 21 cents on Friday.
On Friday, the two benchmarks hit their highest level since October 2014.
The major producers in the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia in what is known as (OPEC+), aim to raise their production levels. The market was also affected by the attacks launched by the Yemeni Houthi movement on the United Arab Emirates.
Tensions between Russia and the West have pushed up oil prices. The row between Russia, the world’s second-largest oil producer, and the West over Ukraine has raised fears of a possible energy shortage in Europe.
The West accuses Moscow of preparing an attack on neighboring Ukraine and threatens it with unprecedented sanctions if it invades the country.
Washington vowed, in particular, that the Nord Stream 2 gas pipeline between Russia and Germany, which was completed, but not yet started, will not start work in the event of a Russian military attack.
However, the Americans and Europeans fear that the Kremlin will respond by reducing fuel supplies to Europe, which are vital supplies for many countries, and it has previously announced work on measures to compensate for such a decline in supplies, and Friday’s statements confirm this.
US State Department spokesman Ned Price said the Nord Stream 2 pipeline between Russia and Germany would not go ahead if Russia invaded Ukraine.
“I want to be very clear: if Russia invades Ukraine one way or another, Nord Stream 2 will not move forward,” Price told NPR. “I’m not going to get into the specifics. We will work with Germany to ensure it does not move forward.”
Europe’s most divisive Nord Stream 2 project aims to double the amount of gas flowing from Russia directly to Germany, bypassing the traditional transit country of Ukraine, across the bottom of the Baltic Sea.
