Oil price hits 7-yr highs as market fears Russian attack on Ukraine imminent

Brent crude rose $2.04, or 2.2%, to settle at $96.48 a barrel, after touching its highest since September 2014 at $96.78. U.S. West Texas Intermediate (WTI) crude rose $2.36, or 2.5%, to settle at $95.46 a barrel, after hitting $95.82, the loftiest since September 2014. (File pic shows oil drilling in Russia. - Reuters)Oil drilling russia

NEW YORK: Oil prices surged over 2% on Monday to their highest in more than seven years as Ukraine's president declared a "day of unity" for Feb. 16, a date that some Western media have cited as a possible start of a Russian invasion.

Russia is one of the world's largest oil and gas producers, and fears that it could invade Ukraine have driven the rally in oil closer to $100 per barrel, a level not seen since 2014.