By Yuka Obayashi

TOKYO (Reuters – Oil rose 1% Monday amid worries over tight supply and geopolitical tensions within Eastern Europe, the Middle East, as well as concerns over tight demand.

After an increase of 69 cents Friday, the price rose by 92 cents to $90.95 per barrel, or 1.0%. Later today, the front-month March delivery contract expires.

Brent contracts for April delivery were trading at $89.69. That’s an increase of 1.3% or $1.17.

U.S. West Texas Intermediate crude gained 21c on Friday, rising 99 cents or 1.1% to $187.81/barrel

The benchmarks posted their highest levels since October 2014 Friday at $91.70 and $88.84 respectively. This was a six-week long gain.

Toshitaka Tazaawa, an analyst with Fujitomi Securities Co Ltd, said that the market started the week strong because of “underlying worry about global shortages, combined with continuing geopolitical threats.”

He said that oil prices would likely remain on a bullish mood this week, with OPEC+ expected to keep its current policy of gradual production increases. WTI will head towards $90, while Brent will stay above $90 a bar.

Major oil producers from the Organization of the Petroleum Exporting Countries, (OPEC), and Russia’s allies have increased their production targets each month by 400,000 barrels per daily (bpd) since August as they recover from record production cuts of 2020.

They have not been able to achieve their production targets, as certain members struggle with the limitations of capacity.

OPEC+ likely will keep its planned March increase in oil production at its meeting on February 2, according to several OPEC+ source. The group sees recovery of demand despite potential downside risks such as the pandemic, and looming rises in interest rates.

Oil prices were also affected by tensions between Russia, the West and China. Russia, which is second in oil production, and the West are at odds over Ukraine. There have been fears of disruption to Europe’s energy supply.

NATO chief said that Europe should diversify its fuel supplies after Britain warned of the “highly probable” possibility that Russia would invade Ukraine.

After the attacks of Yemen’s Houthi rebel group in United Arab Emirates, markets are on high alert.

After the deadly storm in which several states declared emergencies, over 1,400 U.S. flight cancellations were made on Sunday.