Brent prices rise above $100 amid supply concerns

Oil prices rose today, Feb. 25, amid worries that the sanctions imposed by the White House against Russia would impede the global oil supply chains.

The U.S. imposed tough sanctions on Moscow, and confirmed that such sanctions would not affect the global energy market.

Russia’ invasion of Ukraine led to worries in the global oil market, which already faces a supply-demand crisis.

“We are actively working with countries around the world to elevate collective release from the strategic petroleum reserves of major energy consuming countries,” said U.S. President Joe Biden.

In terms of trading, Brent crude oil futures for April delivery rose nearly 2% to $101.06 a barrel at 9.00 am Makkah time.

Meanwhile, NYMEX crude contracts for April delivery increased 1.82% to $94.50 a barrel.