Oil prices climb 1% on fears of tighter supply

Oil prices jumped on Monday as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output.

Brent crude futures rose 87 cents, or 1.0%, to $88.76 a barrel by 0100 GMT, reversing a 0.6% loss on Friday. U.S. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.0%, to $86.00 a barrel, having fallen 0.5% on Friday.