Geopolitics driving oil prices higher, UAE energy min says

Brent crude prices hit a new seven-year high above $96 a barrel on Monday, on fears that a possible Russian invasion of Ukraine could trigger U.S. and European sanctions that would disrupt exports from one of the world's top producers.

Oil prices are being driven higher by geopolitical tensions, UAE energy minister Suhail al-Mazrouei said on Monday, adding that he did not believe Russia would invade Ukraine.

"I don't think we need to escalate more than what is said... I am on the side of the camp that doesn't see it happening," he told reporters on the sidelines of an industry event in Cairo, referring to a possible Russian invasion. Brent crude prices hit a new seven-year high above $96 a barrel on Monday, on fears that a possible Russian invasion of Ukraine could trigger U.S. and European sanctions that would disrupt exports from one of the world's top producers.