Oil breaks $90/bbl for the first time since 2014 on Russia tensions | Reuters

Oil breaks $90/bbl for the first time since 2014 on Russia tensions | Reuters

Oil rose on Wednesday, tuoching $90 a barrel for the first time in seven years, supported as tight supply and rising political tensions between Russia and Ukraine added to concerns about further disruption in an already-tight market.

Brent crude gained $1.76, or 2%, to settle at $89.96 a barrel, after surpassing $90 for the first time since October 2014. U.S. West Texas Intermediate (WTI) crude closed up $1.75, or 2%, to $87.35 a barrel.

Oil prices edged off their gains in post-settlement trading, retreating with other risk assets like equities after investors interpreted U.S. Federal Reserve Chairman Jerome Powell's comments in a press conference on expected interest rate hikes as somewhat hawkish. read more

Russia has amassed thousands of troops on Ukraine's border, fanning fears of an invasion. Energy market prices rose on worries that Russia's gas supply to Europe could be interrupted. Russia is also one of the world's largest oil exporters.