LONDON—Oil prices rose on Monday on worries about supply disruption amid concerns about Russia-Ukraine discord and rising tensions in the Middle East, which could make an already tight market even tighter. Brent crude rose 33 cents, or 0.4 percent, to $88.22 a barrel by 1149 GMT. U.S. West Texas Intermediate (WTI) crude gained 24 cents, or 0.3 percent, to $85.38. “Oil prices are profiting from supply risks and geopolitical tensions,” said Commerzbank analyst Carsten Fritsch. “Further escalation of the Ukraine conflict and the fraught security situation in the Middle East justify a risk premium on the oil price because the countries involved—Russia and the UAE—are important members of OPEC+.” Tensions in Ukraine have been increasing for months after the Kremlin massed troops near its borders, fuelling fears of supply disruption in Eastern Europe. The U.S. State Department announced it was ordering diplomats’ family members to leave Ukraine. Energy markets are …
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