As Russia-Ukraine tensions continue to act up, oil prices are not letting up as we see buyers try to establish another leg higher on the day. WTI crude is up over 4% and nearing the $100 mark again while Brent is up over 5% to above $103 at the moment.
There's just so many factors working in favour of oil (low inventories, producers struggling to keep up with recovering demand, curve in backwardation) and the short-term boost of geopolitical tensions no doubt is just helping to further stoke the flames at the moment.
No doubt that there is a risk of a pullback - a sharp one even - if Russia-Ukraine tensions settle down and sanctions are unwound (not that there has been largely significant ones on Russian energy). However, the long-term prospects of oil remain solid amid the backdrop of underinvestment and the continued push on the green transition front.