Oil prices went up more than $1 in early trade on Monday due to rising tensions between Russia and Ukraine, with the United States and the European Union making clear that Russia would face sanctions if it invaded its neighbour.
The European Commission President Ursula von der Leyen said Russia would be cut off from international financial markets and denied access to major exports needed to modernise its economy if it invaded Ukraine.
The price of crude futures went up by $1.34, or 1.4%, at $94.88 a barrel at 2312 GMT after hitting a high of $95.00 in early trade.
U.S. West Texas Intermediate WTI crude futures were up $1.68, or 1.8%, at $92.75 a barrel after hitting a high of $92.93.
If a Russian invasion takes place, as the U.S. and the U.K. have warned in recent days, Brent futures could spike above US 100 bbl, Commonwealth Bank analyst Vivek Dhar said.