Brent crude oil for April delivery opened higher today, rising 2% on the London futures market to $97.33, a new high since September 2014.

Oil prices are rising again due to increased tensions in Ukraine after Russia's President Vladimir Putin recognized the independence of the self-proclaimed breakaway republics of Donetsk and Lugansk in eastern Ukraine.

On Monday, the barrel price finished up 1.89%, to $95.39.

In the US, Texas Intermediate Oil (WTI), which was not traded the previous day because it was a holiday, rises more than 3% before the market officially opens.

Source: Lusa