Oil prices in global markets reached their highest level in seven years on Friday as a result of continuing geopolitical tensions, the potential repercussions of the Ukrainian crisis and fears of a lack of crude supplies.

According to Reuters, Brent crude futures rose by $1.91 on Friday evening, by 2.1%, to $91.25 a barrel, after recording $91.41, to reach its highest level since October 2014, and US West Texas Intermediate crude futures rose by $1.83, or 2.11%, to record $88.44 a barrel.