Oil at Seven-Year High as Ukraine Crisis Overshadows Fed

The sun shines through a crude oil pump jack in the Permian Basin in Loving County, Texas, on Nov. 22, 2019. Angus Mordant/Reuters

LONDON—Oil extended gains to seven-year highs above $90 a barrel on Thursday as the Ukraine crisis outweighed signs that the U.S. Federal Reserve will tighten monetary policy.

Brent crude futures were up 89 cents, or 1 percent, at $90.85 a barrel by 1217 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 87 cents, or 1 percent, at $88.22.