Oil price rises as Russia-West stand-off alarms tight market

Brent crude LCOc1 futures jumped US$2.74, or 2.91%, to $96.28 a barrel by 2 p.m. ET (1910 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.79, or 3,06%, to $93.86 a barrel at 1915 GMT. (Russian crude oil - File pic)

LONDON/HOUSTON: Oil prices rose on Monday over the stand-off between Russia and the West over Ukraine, adding to supply concerns that have kept oil prices near $100 a barrel.

Brent crude LCOc1 futures jumped US$2.74, or 2.91%, to $96.28 a barrel by 2 p.m. ET (1910 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.79, or 3,06%, to $93.86 a barrel at 1915 GMT.