Oil prices have risen as traders have become anxious about tensions between Russia and Ukraine.

The West Texas Intermediate (WTI), which trades for 93.10 dollars a barrel on the New York Mercantile Exchange, rose 3.22 US dollars, or 3.6 percent, for March delivery. Similarly, Brent oil climbed 3.03 dollars, or 3.3 percent, for April delivery, to close at 94.44 dollars a barrel on the London ICE Futures Exchange.

Despite diplomatic efforts aimed at a peaceful resolution, the problem of tensions on the Russia-Ukraine border has yet to be resolved.

Oil prices have also been bolstered by the International Energy Agency's (IEA) warning that the gap between OPEC+ (Organization of Petroleum Exporting Countries) output and its goal levels increased in January.

According to IEA forecasts, such a deficit is projected to worsen as certain OPEC+ members face output limitations, exacerbating market pressure.

Based on front-month contracts, the US crude standard has increased 0.9 percent this week, while Brent has risen 1.3 percent.