The oil price is continuing its seemingly-relentless march towards $100 a barrel.
The April contract for Brent crude was up 1.38% at $95.74 this morning, while US West Texas Intermediate was ahead 1.53% at $94.52.
And some experts are even predicting the price could hit the $125 mark.
Oil prices are currently at their highest for more than seven years on fears of a possible Russian invasion of Ukraine, as well as oil-producing countries struggling to increase output.
Russia could invade Ukraine at any time and might create a surprise pretext for an attack, the US said on Sunday.
"If ... troop movement happens, Brent crude won't have any trouble rallying above the $100 level," said OANDA analyst Edward Moya.
"Oil prices will remain extremely volatile and sensitive to incremental updates regarding the Ukraine situation."
Reuters says the tensions come as the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, struggle to ramp up output despite monthly pledges to increase production by 400,000 barrels per day until March.
The International Energy Agency said the gap between OPEC+ output and its target widened to 900,000 bpd in January, while JP Morgan said the gap for OPEC alone was at 1.2 million bpd.
JP Morgan bank said that a super-cycle is in full swing with "oil prices likely to overshoot to $125 a barrel on widening spare capacity risk premium".
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Comments from the United States about an imminent attack by Russia on Ukraine have rattled global financial markets.
Leading US stock indices all fell on Friday.
The Nasdaq Composite dropped by 2.78% to 13,791, the S&P 500 slipped by 1.9% to 4,418 and the Dow Jones dipped by 1.43% to 34,738.
Michael Farr of Farr, Miller and Washington, told Reuters: "The market is reacting because an actual invasion has not yet been priced in.
"The severity of an invasion, if one occurs, will correlate to the severity of the market's reaction."
Despite market gyrations, some investors were sceptical whether a more serious conflict would drag broader markets over the longer term.
Ryan Detrick, chief market strategist at LPL Financial, said the impact of major geopolitical events in the past on US stocks had been limited.
"For instance, after JFK was assassinated in November 1963 stocks went on one of their best six-month runs ever," he said. "The truth is a solid economy can make up for a lot of sins."
Jay Hatfield, chief investment officer at Infrastructure Capital Management, said the S&P 500 would probably find support at around 4,200.
The leading UK index, the FTSE 100, closed down just 0.15% at 7,661 on Friday, but did not have a great start today.
Shortly after opening, it was heavily in the red - plunging 94 points to 7,566.
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