As of 15:53 GMT, the price of March futures for Brent crude grew by 1.88 percent to $89.86 per barrel. Minutes earlier, the price reached $90.02.
The price of April futures for Brent rose by 1.85 percent to $88.79, the price of March futures for WTI was up 1.96 percent to $87.28.
Oil prices are increasing amid growing tensions between Russia and NATO over the situation in Ukraine's east and fears that energy supplies from Russia to Europe may be disrupted should escalation continue.
Earlier this week, a tense geopolitical situation sent global stock markets down, with the S&P 500 losing 2.53 percent, NASDAQ retreating 2.89 percent, and the Dow Jones losing 2.09 percent.