Brent Crude price crosses $90 for the first time since 2014

Muscat : The price of a barrel of Brent crude exceeded $90 for the first time since 2014.

"The price of a barrel of Brent crude crossed the $90 mark on Wednesday , hitting its highest level in more than seven years, on the back of tensions in Ukraine and supply concerns in the Middle East," Oman News Agency (ONA), said in a statement.

In London, a barrel of European benchmark Brent North Sea crude was trading at $90.42 , its highest level since October 2014.

Craig Erlam, an economist at OANDA , said in a statement that this had been expected for some time, and even during the past week, when prices recorded a slight decline, there was little hope that this would lead to a significant drop in prices.

He said: "Now that prices have crossed the $90 mark, it may be just a matter of time to the $100 threshold. Supply and demand fundamentals are pushing oil prices upward."