Brent crude has surpassed $86 for the first time since 2018.

As the world economy recovered from the pandemic, oil prices have more than doubled in the last year.

Oil prices rose on Monday, extending pre-weekend gains to multi-year highs, as global supply remained tight amid steady fuel demand in the United States and worldwide as economies recovered from the effects of the coronavirus outbreak.

After gaining 1.5 percent on Friday, US West Texas Intermediate (WTI) crude futures rose 62 cents, or 0.7 percent, to $84.38 a barrel at 06:46 GMT. Earlier in the session, they hit their highest level since October 2014 - $84.76.

Brent crude futures rose 56 cents, or 0.7 percent, to $86.09 a barrel, following a 1.1 percent advance last Friday. The contract has previously reached an all-time high of $86.43 since October 2018.

"With high gasoline demand in the US and restricted supply, the oil market's tone remained pretty robust, prompting some speculators to unwind short positions," said Tetsu Emori, CEO of Emori Fund Management Inc.

As the global economy recovered from the disruption created by the coronavirus epidemic, oil prices have more than doubled in the last year, raising inflationary concerns. While demand has increased, the Organization of Petroleum Exporting Countries (OPEC) and its allies have resisted loosening the harsh production limits established in 2020 to save prices. As stockpiles shrink and key time spreads widen, Brent has risen to its highest level since 2018.