Energy ministers representing Egypt and Cyprus on Monday said they were deeply concerned about the potential for oil prices to climb above $100 a barrel.
It comes at a time when more than a dozen countries have urged their citizens to leave Ukraine amid warnings of an imminent Russian invasion.
International benchmark Brent crude futures soared to a new seven-year high on Monday morning on the elevated geopolitical tensions. The contract was last seen trading at $94.33, down 0.1% for the session after earlier hitting a peak of $96.16.
U.S. West Texas Intermediate futures, meanwhile, stood at $93.20, roughly 0.1% higher.
The U.S. and Europe have threatened to sanction Russia if it invades Ukraine, escalating fears of a possible supply disruption from one of the world’s top producers. Russia has repeatedly denied it is planning to invade Ukraine dispute amassing around 100,000 soldiers on Ukraine’s borders.
Speaking at an oil and gas exhibition conference in Cairo, Egypt, energy and petroleum ministers representing Egypt, Cyprus, Israel and the United Arab Emirates were asked whether they expected oil prices to spike into triple-digit territory.