Geopolitics driving oil prices higher, UAE energy min says

Oil prices are being driven higher by geopolitical tensions, UAE energy minister Suhail al-Mazrouei said on Monday, adding that he didn't believe Russia would invade Ukraine.

"I don't think we need to escalate more than what is said... I am on the side of the camp that doesn't see it happening," he told reporters on the sidelines of an industry event in Cairo, referring to a possible Russian invasion.