Analysts suggest investors closely monitor the US Federal Reserve's meeting on Jan 25-26 as the central bank may decide to hike interest rates to curb inflation and spiralling oil prices.
Gold prices have also spiked as investors seek refuge from volatility in the precious metal.
A rate hike will throw the global cryptocurrency, stock, and futures markets into turmoil, the analysts said.
Oil prices have been rising for two weeks as the possibility of a conflict between Russia and Ukraine ratchets up, with a US Central Intelligence Agency report suggesting Russia may attack.
NATO announced it has strengthened its military forces by land, sea and air along its eastern border. US President Joe Biden has already ordered diplomats and their families stationed in Ukraine to leave the country, while the latest reports said Britain and Japan are also about to evacuate their citizens.
Since the beginning of the year, the price of West Texas Intermediate (WTI) crude oil has risen 14%, while Brent has increased 12%.
The WTI price broke the resistance level of US$85.40 a barrel, testing $87 a barrel, the highest since November 2014, before dropping to $85.14 a barrel.
The crude oil price has continued to rise for five weeks in a row. The price dropped 5% on Jan 21 following concerns over crude oil inventories, which have been increasing throughout the last three weeks.
OANDA analyst Craig Erlam said the crude oil price is likely to rise to $90 a barrel, which is an important psychological resistance point that could trigger a sell-off as investors take profits.
Some analysts are counting down the days until $100 a barrel, he said.
Warut Rungkam, head of research at YLG Bullion & Futures, said the global gold price has risen since the possibility of conflict between Ukraine and Russia escalated. The price increased from $1,770 to currently around $1,840 an ounce.
The price should move between $1,793-1,877 an ounce, he said.
Gold futures contracts on the Commodity Exchange were also up $9.9, or 0.54% to $1,841.7 an ounce on Jan 24.
Mr Warut said the prices were being pushed up by rising demand from investors, who are holding gold as a safe-haven asset.
Investors are also keeping an eye on the Fed's meeting this week for further clues as to the direction of its monetary policies after several central bank officials expressed support for a rate hike in March to curb inflation.
Goldman Sachs expects the Fed to raise interest rates four times this year and begin cutting its balance sheet in July or sooner.
