Geopolitics driving oil prices higher: UAE energy minister

Oil prices are being driven higher by geopolitical tensions, UAE energy minister Suhail al-Mazrouei said on Monday, adding that he did not believe Russia would invade Ukraine.

"I don't think we need to escalate more than what is said... I am on the side of the camp that doesn't see it happening," he told reporters on the sidelines of an industry event in Cairo, referring to a possible Russian invasion.

Brent crude prices hit a new seven-year high above $96 a barrel on Monday, on fears that a possible Russian invasion of Ukraine could trigger U.S. and European sanctions that would disrupt exports from one of the world's top producers.