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Oil prices rose today due to increased tensions in eastern Ukraine over the weekend, which led to forecasts that conflict between Russia and Ukraine may further raise fuel prices amidst fear of outright war and heightened risk of supply disruption.

Brent crude was up by 46 cents to $110.04 a barrel, while US oil rose by 74 cents to settle at $101.34 a barrel, reported Reuters.

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Tensions mounted after pro-Russian rebels paraded European monitors they are holding in eastern Ukraine on Sunday, freeing one but saying they had no plans to release another seven.

The US and Europe are preparing for new sanctions against Russia after the crisis in Ukraine escalated over the weekend.

Libya’s delayed re-opening of a damaged eastern port of Zueitina following an eight-month oil blockade also affected oil prices.

"Libya’s delayed re-opening of a damaged eastern port of Zueitina following an eight-month oil blockade also affected oil prices."

The Libyan Government is currently assessing damage at the Zueitina, which is one of two ports scheduled to resume operations after the government struck a deal with rebels three weeks ago.

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Investors are now awaiting news from the central bank meetings this week, as well as key US jobs data on Friday, to gauge the oil demand in the near future.

Non-farm payrolls are expected to show an April rise of more than 200,000, as harsh winter weather finally dissipated and a later Easter holiday led to extra hiring.

Federal Reserve policymakers are expected to collectively decide to continue tapering the central bank’s massive bond-buying stimulus in a meeting on Tuesday and Wednesday.

Image: US to expand sanctions on Russia over Ukraine on Monday. Photo: courtesy of FreeDigitalPhotos.net/Sura Nualpradid.

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