Oil hits seven-year highs as U.S. storm heightens supply concerns | Reuters

Oil hits seven-year highs as U.S. storm heightens supply concerns | Reuters

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 $1.71, or 1.9%, to $92.82 a barrel by 1348 GMT, having earlier touched its highest since October 2014 at $93.05.

U.S. West Texas Intermediate crude rose by $1.84, or 2%, to $92.11 after also scaling a seven-year peak at $92.33.

Both benchmarks were on course for a seventh consecutive weekly gain.

"It may just be a matter of time until we're closing in on triple figures," said Craig Erlam, senior market analyst at OANDA.