The oil price yesterday touched $90 a barrel for the first time in more than seven years.
Reuters says that tight supply and rising political tensions between Russia and Ukraine have added to concerns about further disruption in an already-tight market.
Brent crude gained $1.76, or 2%, on Wednesday to settle at $89.96 a barrel, after surpassing $90 for the first time since October 2014.
The March contract for Brent was hovering at just over $89 a barrel this morning.
OPEC+ is having trouble meeting monthly production targets as it restores supply to markets after drastic cuts in 2020, and the US is more than a million barrels short of its record level of daily output.
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