LONDON—Oil prices reached seven-year highs on Friday as geopolitical tensions and a winter storm in the United States fuelled concerns over supply disruptions. Brent crude rose $1.32, or 1.5 percent, to $92.43 a barrel by 1120 GMT, having earlier touched its highest since October 2014 at $92.66. U.S. West Texas Intermediate crude rose $1.45, or 1.6 percent, to $91.72 a barrel after also scaling a seven-year peak at $91.91. Both benchmarks were on course for a seventh consecutive weekly gain. “The latest upswing was triggered by a cold snap in Texas, which is fuelling concerns about production outages in the Permian Basin, the largest U.S. shale play,” said Commerzbank commodities analyst Carsten Fritsch. A massive winter storm swept across central and northeast regions of the United States on Thursday, knocking out power to thousands. Tight oil supplies pushed the six-month market structure for WTI into steep backwardation of $8.40 a …