Oil prices climbed to nearly three-week highs on Monday as fears over tight global supply grew, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.
Brent futures were up $1.09, or 1.0 percent, at $112.79 a barrel at 0445 GMT, the highest since March 30.
US West Texas Intermediate futures rose $1.00, or 0.9 percent, to $107.95 a barrel.
Exports suspended from Libya’s Zueitina oil port
Exports from Libya’s Zueitina oil port were suspended after protesters got into the port on Sunday morning, two oil engineers at the port told Reuters.
A tanker was prevented from loading one million barrels at the oil port, the engineers added.
Meanwhile, Libya’s National Oil Corp. declared on Sunday force majeure on oil production from the Elephant oil field, also known as El Feel.
The state-owned oil company said in a statement that a group of people, which it did not identify, had entered the facilities the previous day and prevented employees from working.