In afternoon trading on Friday, oil prices rose amid rising tensions between Ukraine & Russia. The U.K. advised British citizens to flee Ukraine right away.

According to a spokesperson for Downing Street, Prime Minister Boris Johnson also feared for “security in Europe under current circumstances.”

According to the spokesperson, Vladimir Putin had to accept that Russia would face severe sanctions that could be very damaging to its economy. Allies should continue to support and strengthen NATO’s Eastern borders.

U.S. West Texas Intermediate crude futuresThe benchmark oil price in the United States, climbed 4.7% to $94.21 per barrel. This is the highest contract price since 2014.

International benchmark Brent crudeAlso, the barrel traded at $95.18 per barrel for its highest price in over seven years.

After the International Energy Agency’s most recent oil report, oil prices were already up by more than 2 percent.

As restrictions are put in place to limit the spread of Covidease, this firm expects that global demand will hit an all-time high of 100.6 million barrels per year.